Market Performance - The agricultural processing sector rose by 0.34% on August 21, with Guotou Zhonglu leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Key Stocks in Agricultural Processing Sector - Guotou Zhonglu (600962) closed at 23.65, up 10.00% with a trading volume of 92,000 hands and a transaction value of 212 million [1] - ST Zhongji (000972) closed at 4.05, up 4.92% with a trading volume of 368,200 hands and a transaction value of 146 million [1] - Andeli (605198) closed at 51.94, up 4.17% with a trading volume of 33,300 hands and a transaction value of 171 million [1] - Other notable stocks include Guannong Co. (600251) up 1.65% and ST Jiawo (300268) up 1.16% [1] Capital Flow Analysis - The agricultural processing sector experienced a net outflow of 142 million from institutional investors and 103 million from speculative funds, while retail investors saw a net inflow of 245 million [2] - The capital flow data indicates that Guotou Zhonglu had a net inflow of 46.16 million from institutional investors, but a net outflow of 28.93 million from retail investors [3] - ST Zhongji also saw a net inflow of 17.39 million from institutional investors, with a net outflow of 9.50 million from retail investors [3]

Group 1 - A new company, Jiangmen Xinhui Gengxu Chenpi Tea Industry Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The company's business scope includes the sale of Chenpi, tea cultivation, tree planting, fruit cultivation, and retail of fresh fruits [1] - The company is also involved in the wholesale and retail of edible agricultural products, initial processing of agricultural products, and import-export of goods and technology [1] Group 2 - The company engages in the production and sale of food products, including pre-packaged foods and seasoning products [1] - It also focuses on the production of tea products and the purchase and sale of traditional Chinese medicinal herbs (excluding Chinese medicinal pieces) [1]

Core Viewpoint - The People's Bank of China (PBOC) in Xingan League is focusing on "two platforms and one system" as a financial engine for the development of small and micro enterprises, aiming to enhance their industrial growth and support rural revitalization efforts [1] Group 1: Accounts Receivable Financing Service Platform - The accounts receivable financing service platform is effectively supporting the development of enterprises by allowing them to obtain financing through accounts receivable pledges, exemplified by a company receiving a credit loan of 3 million yuan [2] - In the first half of 2025, the platform registered 88 new users, with small and micro enterprises successfully obtaining 33 financing deals totaling 424 million yuan, significantly improving financing efficiency [2] Group 2: Fund Flow Credit Information Sharing Platform - The fund flow credit information sharing platform enables small enterprises to quickly obtain credit loans based solely on their cash flow, addressing significant financing challenges [3] - From January to June 2025, local state-owned commercial banks issued loans totaling 27.5 million yuan to 26 enterprises through the fund flow platform, enhancing the enterprises' financial capabilities [4] Group 3: Unified Registration and Publicity System for Movable Property Financing - The unified registration and publicity system for movable property financing has facilitated a company to secure a credit line of 20 million yuan through a "rice pledge" model, demonstrating the system's effectiveness in enhancing the clarity of property rights [5] - In the first half of 2025, 261 registration transactions were completed in the Xingan League region, with 2,171 queries, indicating the system's role in alleviating financing bottlenecks for enterprises [5] Group 4: Overall Impact on Small and Micro Enterprises - The PBOC in Xingan League is committed to using financial services to support the growth of small and micro enterprises, which are vital to the real economy, thereby contributing to sustained economic improvement [6]

Report Summary 1. Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - The report presents the market trends and outlooks for various commodities, including precious metals, base metals, energy products, agricultural products, and chemical products. Each commodity's trend is described as high - level shock, small decline, range shock, etc., based on their respective fundamentals and market news [2][4]. 3. Summary by Commodity Precious Metals - **Gold**: Expected to experience high - level shock. Yesterday, the closing price of Shanghai Gold 2510 was 772.68, with a daily decline of 0.31%. Comex Gold 2510 rose by 0.99% to 3392.20. The trend strength is 1 [2][5][6]. - **Silver**: Forecasted to have a small decline. The closing price of Shanghai Silver 2510 was 9042, down 1.57%. The trend strength is - 1 [2][5][6]. Base Metals - **Copper**: Lacks a clear driving force, and the price will fluctuate. The closing price of Shanghai Copper's main contract was 78,630, down 0.30%. The trend strength is 0 [2][12]. - **Zinc**: Will trade in a range. The closing price of Shanghai Zinc's main contract was 22,265, up 0.27%. The trend strength is 0 [2][15]. - **Lead**: Inventory reduction supports the price. The closing price of Shanghai Lead's main contract was 16,725, down 0.59%. The trend strength is 0 [2][18]. - **Tin**: Will trade in a range. The closing price of Shanghai Tin's main contract was 267,840, down 0.09%. The trend strength is - 1 [2][21]. - **Aluminum**: Expected to experience high - level shock. The closing price of Shanghai Aluminum's main contract was 20,535, down 10. The trend strength is 0 [2][26]. - **Nickel**: The fundamentals will cause narrow - range fluctuations, and beware of news - based risks. The closing price of Shanghai Nickel's main contract was 119,930, down 400. The trend strength is 0 [2][28]. - **Stainless Steel**: The steel price will fluctuate due to the game between macro - expectations and reality. The closing price of the stainless - steel main contract was 12,820, down 65. The trend strength is 0 [2][28]. Energy and Chemical Products - **Carbonate Lithium**: The game between reality and expectations intensifies, and the market volatility will increase. The closing price of the 2509 contract was 81,040, down 6,540. The trend strength is 0 [2][34]. - **Industrial Silicon**: Market sentiment is boosted. The Si2511 closing price was 8,390, down 235. The trend strength is 1 [2][37]. - **Polysilicon**: Quotes are rising, and sentiment continues to be boosted. The PS2511 closing price was 51,875, down 385. The trend strength is 1 [2][38]. - **Iron Ore**: Macro - risk appetite has not significantly reversed, and support remains. The trend strength is 1 [2][41]. - **Rebar and Hot - Rolled Coil**: Both will experience wide - range fluctuations. The closing price of RB2510 was 3,132, down 12; HC2510 was 3,402, down 21. The trend strength for both is 0 [2][43][44]. - **Silicon Ferroalloy and Manganese Ferroalloy**: Market sentiment is cold, and both will experience weak - side fluctuations. The closing price of Silicon Ferroalloy 2511 was 5622, down 56; Manganese Ferroalloy 2511 was 5818, down 80. The trend strength for both is - 1 [2][47]. - **Coke and Coking Coal**: Both will experience wide - range fluctuations. The closing price of JM2601 was 1162.5, down 32; J2601 was 1678, down 30.5. The trend strength for both is 0 [2][50]. - **Log**: The price will fluctuate repeatedly. The closing price of the 2509 contract was 805.5, down 0.6%. The trend strength is 0 [2][53]. - **Para - Xylene**: Crude oil rebounds, demand improves, and it is unilaterally strong. The closing price of the PX main contract was 6844, up 1.03%. - **PTA**: Cost provides support, and it is strong in the short - term. The closing price of the PTA main contract was 4778, up 0.93%. - **MEG**: There is an expectation of overseas supply contraction, and it is strong in the short - term. The closing price of the MEG main contract was 4477, up 1.20% [2][57]. Agricultural Products - **Palm Oil**: Fundamentals provide strong support, and go long on macro - pullbacks. - **Soybean Oil**: Driven by US soybeans is insufficient, and it will experience high - level shock consolidation. - **Soybean Meal**: Overnight US soybeans rose slightly, rapeseed meal was weak, and Dalian soybean meal may fluctuate. - **Soybean No.1**: Will experience weak - side fluctuations. - **Corn**: Will operate weakly. - **Sugar**: Will be strong with fluctuations. - **Cotton**: Pay attention to the listing situation of new cotton. - **Egg**: Pay attention to the culling rhythm of old hens. - **Live Pig**: Wait for the end - of - month spot verification. - **Peanut**: Near - term contracts are strong, and far - term contracts are weak [2][4].

Group 1: Impact of US Tariffs on Greek Agricultural Exports - The US tariffs on EU goods have severely impacted the export of Greek agricultural products, particularly feta cheese, table olives, and olive oil [1][2] - Feta cheese, a key Greek product, has seen its export market share to the US grow to 9% in 2024, but new tariffs threaten its competitiveness [1] - The increase in tariffs from 10% to 15% on Greek table olives since April 2023 has put additional pressure on this sector, with the US accounting for 28% of Greece's total olive exports in 2024 [2] Group 2: Industry Responses and Future Strategies - Greek producers are exploring alternative markets due to the adverse effects of US tariffs on their profitability and market access [3] - The president of the Greek Dairy Industry Association noted that the new tariff policies could weaken the competitive edge of feta cheese in the US market, prompting some producers to look towards emerging markets [1][3] - Local olive growers expressed that the increased tariff costs are significantly damaging their earnings, indicating a potential shift in focus to other markets if prices continue to rise [2]

Core Viewpoint - Deep Grain Holdings (000019) reported a mixed performance in its 2025 mid-year financial results, with a slight decline in revenue but a significant increase in net profit and profitability metrics [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 2.384 billion yuan, a decrease of 1.33% year-on-year, while net profit attributable to shareholders rose to 176 million yuan, an increase of 36.44% [1]. - In Q2 2025, total revenue was 1.158 billion yuan, down 13.84% year-on-year, but net profit increased to 84.69 million yuan, up 30.05% [1]. - Gross margin improved to 18.54%, up 3.95% year-on-year, and net margin increased to 7.38%, up 36.85% [1]. Key Financial Metrics - The company reported a significant increase in operating cash flow per share, which rose to 0.64 yuan, a 565.02% increase year-on-year [1]. - The total of selling, administrative, and financial expenses was 182 million yuan, accounting for 7.62% of revenue, a slight decrease of 0.45% [1]. - The company’s net assets per share increased to 4.27 yuan, up 4.22% year-on-year, and earnings per share rose to 0.15 yuan, a 36.34% increase [1]. Changes in Financial Items - The decline in revenue was attributed to a slowdown in the grain and oil trading business due to market conditions and demand [3]. - Financial expenses increased by 13.55% due to a shift to domestic letter of credit financing [4]. - The net cash flow from financing activities saw a drastic decrease of 10,477.09%, primarily due to reduced cash from borrowings [5]. Inventory and Cost Management - Inventory decreased by 13.5% as the company reduced its grain and oil stock [6]. - Operating costs fell by 2.18% due to a reduction in trading volume in the grain and oil sector [6]. - Selling expenses decreased by 17.36%, attributed to lower port and storage costs [6]. Investment and Cash Flow Insights - The company increased its R&D investment by 4.03% to enhance its capabilities in food and tea processing [6]. - The net cash flow from operating activities increased significantly, reflecting improved sales in the grain and oil trading business [6]. - The company’s cash and cash equivalents saw a net increase of 108.78%, driven by higher operating cash flow [5]. Fund Management and Holdings - The company is held by a notable fund manager, Miao Weibin from Jinyuan Shun'an Fund, who has recently increased his stake [7][8]. - The largest fund holding Deep Grain Holdings is the Jinyuan Shun'an Flexible Allocation Mixed Fund, which has a total scale of 1.35 billion yuan and has seen a 56.26% increase over the past year [8].

Core Viewpoint - The article highlights the successful establishment of cross-village industrial joint party committees in Tieling City, Liaoning Province, which has led to enhanced rural economic development and collective prosperity through collaborative efforts and resource optimization [1][2]. Group 1: Establishment of Joint Committees - Tieling City has established 69 cross-village industrial joint party committees covering 63 townships, accounting for 70.8% of the total townships in the city [1]. - The joint committees aim to break organizational barriers and address challenges such as underutilization of resources, low-quality industries, and weak risk resistance [1]. Group 2: Economic Impact and Revenue Generation - The joint committees have encouraged the establishment of 311 new agricultural operating entities, including professional cooperatives and family farms [2]. - Through various methods such as land shareholding and labor absorption, the initiative has strengthened profit-sharing mechanisms, resulting in over 2,800 million yuan increase in collective income and 6,100 million yuan increase in individual income for villagers [2]. Group 3: Implementation and Results - The party organizations in the joint committees have effectively implemented 46 special industrial projects and developed 21 unique agricultural products [2]. - The initiative has been recognized as a "golden key" to solving the challenges of small, scattered, and weak rural industries, providing strong organizational support for rural revitalization [2].

Core Viewpoint - The article highlights the efforts of the Urumqi Municipal Market Supervision Administration in Xinjiang to enhance the management and safety of the tomato industry during the harvest season, ensuring fair practices and protecting farmers' rights [1] Group 1: Industry Management - The Urumqi Municipal Market Supervision Administration is promoting a comprehensive management system from the source to the end for tomato purchasing and processing enterprises [1] - The administration is conducting special inspections on the operational status of special equipment, mandatory verification of measuring instruments, and production operations in tomato purchasing and processing enterprises [1] Group 2: Safety and Compliance - The initiative aims to identify safety hazards and standardize production order while providing personalized guidance tailored to each enterprise [1] - The administration emphasizes the importance of enhancing regulatory oversight on measuring practices during the tomato purchasing period to ensure a fair and just purchasing environment [1] Group 3: Community Impact - The efforts are designed to improve the safety and satisfaction of the local community, aiming for a "win-win" situation for both farmers and processing enterprises [1] - The administration's actions are intended to safeguard the legitimate rights and interests of farmers during the tomato harvest [1]

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The Fed's focus on inflation risks may limit interest - rate cuts, affecting the price trends of gold, the US dollar, and US stock indexes. - The stock market is expected to be strong, while the bond market may be weak due to recent policy - related meetings. - The supply and demand fundamentals of various commodities, including agricultural products, metals, and energy chemicals, are affected by factors such as production, imports, and policies, leading to different price trends and investment opportunities. 3. Summary by Directory 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - Gold prices fluctuated and closed higher. Market risk aversion increased due to Trump's call for the resignation of Fed Governor Cook. The Fed's limited room for interest - rate cuts this year and Powell's likely cautious stance at the Jackson Hole Symposium suggest that gold will continue to trade within a range in the short term. [13] - Investment advice: Gold prices are expected to be volatile in the short term, and investors should be aware of the risk of price corrections. [14] 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The Fed's meeting minutes show that most members are more concerned about inflation than employment risks. Trump's actions regarding Fed Governor Cook and tariff policies have increased internal differences within the Fed. The US dollar is expected to continue to fluctuate in the short term, with a more likely rate cut in September. [16][17] - Investment advice: The US dollar is expected to remain range - bound in the short term. [18] 3.1.3 Macro Strategy (US Stock Index Futures) - The Fed's internal differences have increased, and concerns about inflation are rising. Market expectations for interest - rate cuts have reversed, causing the US stock market to correct. However, the decline has narrowed. [20] - Investment advice: Wait cautiously for Powell's speech on Friday as the market's risk appetite has declined. [21] 3.1.4 Macro Strategy (Treasury Bond Futures) - The LPR remained stable in August. The central bank's large - scale reverse repurchase operations have maintained market liquidity, but the bond market is affected by the stock market. With recent policy - related meetings, the stock market is expected to be strong, and the bond market may be weak. [22][24] - Investment advice: Adopt a short - term bearish approach and be cautious when betting on price rebounds. [25] 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Meal) - In July, China imported a large amount of soybeans from Brazil. The Pro Farmer field survey shows good prospects for US soybean yields, which limits the increase in CBOT soybean prices. Domestic demand for soybean meal is better than expected, and the inventory of oil mills has decreased year - on - year. [26][28] - Investment advice: Soybean meal prices are expected to be moderately strong in a volatile market if China stops purchasing US soybeans. Pay attention to the results of the US field survey this week. [28] 3.2.2 Black Metals (Steam Coal) - Imported coal prices are firm, and Indonesian low - calorie coal has a price advantage over domestic coal. However, due to the decline in daily consumption and supply constraints caused by weather, coal prices are expected to fluctuate around 700 yuan in the short term and may decline seasonally in September. [29][30] - Investment advice: Coal prices may be range - bound in the short term due to supply constraints, but the seasonal decline is inevitable. [30] 3.2.3 Black Metals (Iron Ore) - A large - scale iron project in Western Australia has been approved. With the implementation of environmental protection restrictions in the north in late August, iron ore prices may be under short - term pressure but are expected to remain range - bound overall. [31] - Investment advice: Iron ore prices are expected to be weakly volatile in the short term, with limited impact on the balance sheet from short - term environmental protection measures. [32] 3.2.4 Black Metals (Rebar/HRC) - The US has expanded the scope of steel and aluminum tariffs. Domestic steel prices are expected to be weakly volatile due to factors such as inventory accumulation and environmental protection restrictions. [33][35] - Investment advice: Wait for further price corrections before considering investment. [35] 3.2.5 Agricultural Products (Pigs) - The slaughter capacity utilization rate of Huatong Co., Ltd. is around 30% - 40%. The pig market is affected by policies, and there is a game between weak current conditions and strong expectations. The de - stocking process is ongoing, but there are uncertainties in the rhythm. [36][37] - Investment advice: Consider establishing long positions in the LH2601 contract in the range of 14,000 - 14,150 yuan/ton. [38] 3.2.6 Agricultural Products (Jujubes) - Jujube prices in the Hebei market are stable. New - season jujube growth is normal, but the physical inventory is high. The market is in a state of oversupply, and the price trend is uncertain. [39][40] - Investment advice: Adopt a wait - and - see approach and closely monitor the weather conditions in the production areas. [40] 3.2.7 Agricultural Products (Sugar) - Brazil's sugar exports in the first two weeks of August and its sugarcane yield in July have shown certain changes. China's imports of syrup and premixed powder in July have increased month - on - month but decreased year - on - year. Brazilian sugar production may face uncertainties, which may affect the global sugar supply. [41][42][43] - Investment advice: Zhengzhou sugar prices are expected to be range - bound in the short term. Consider buying on dips in the January contract. [45] 3.2.8 Non - Ferrous Metals (Alumina) - A transaction of 30,000 tons of alumina in East Australia has been completed. The market sentiment is cooling, and the supply and demand are loose, leading to a weakening of the price trend. [46] - Investment advice: Adopt a wait - and - see approach. [47] 3.2.9 Non - Ferrous Metals (Polysilicon) - The Ministry of Industry and Information Technology is discussing anti - involution measures for the photovoltaic industry. The price of polysilicon may be affected by policies and market supply - demand relationships. The price is expected to trade between 49,000 - 57,000 yuan/ton in the short term and may reach over 60,000 yuan/ton in the long term. [48][50][51] - Investment advice: Adopt a bullish approach on price corrections. Consider reverse arbitrage opportunities between the November and December contracts when the spread is around - 2000 yuan/ton. [51] 3.2.10 Non - Ferrous Metals (Industrial Silicon) - In July, China's exports of industrial silicon increased. The supply may increase marginally in August, but due to the large - scale resumption of polysilicon production, the market may still experience de - stocking in August and enter a stocking phase in September. [52] - Investment advice: Industrial silicon prices are expected to trade between 8,200 - 9,200 yuan/ton in the short term. Pay attention to trading opportunities within this range. [52] 3.2.11 Non - Ferrous Metals (Lead) - The LME lead market shows a contango, and the inventory is at a high level. The domestic lead market is in a state of weak supply and demand, and the social inventory is high. The price may be under pressure, but the support from the recycling cost needs to be observed. [53][54] - Investment advice: Adopt a wait - and - see approach in the short term for both single - side trading and arbitrage. [55] 3.2.12 Non - Ferrous Metals (Zinc) - China's exports of galvanized sheets and Peru's zinc concentrate production have increased. In July, China's imports of zinc concentrate reached a record high. The LME zinc market has a high structural risk, and the domestic zinc market is affected by imports and inventory. [56][57][58] - Investment advice: Adopt a wait - and - see approach for single - side trading in the short term. Consider long - term positive arbitrage opportunities and maintain a positive arbitrage strategy before the overseas inventory bottoms out. [59] 3.2.13 Non - Ferrous Metals (Nickel) - In July, China's imports of non - alloy nickel increased significantly. The LME and SHFE nickel markets show different inventory trends. The nickel market is affected by factors such as raw material prices, supply - demand relationships, and macro - environment. [60][61] - Investment advice: Nickel prices are unlikely to decline significantly in the short term. Consider short - term trading opportunities and medium - term short - selling opportunities on price increases. [62] 3.2.14 Non - Ferrous Metals (Lithium Carbonate) - In July, China's imports of lithium carbonate decreased significantly. The sharp decline in lithium carbonate prices was due to panic selling by some long - position holders. Fundamentally, there is no significant negative news, and the market may experience de - stocking in the third quarter. [63][64] - Investment advice: Consider buying on price dips and positive arbitrage opportunities. [64] 3.2.15 Non - Ferrous Metals (Copper) - The development of a copper mine project in Arizona is facing uncertainties due to a court ruling. A copper mine expansion project in Zambia has been launched. The copper market is affected by factors such as the US economic situation, policy expectations, and inventory levels. [65][66][67] - Investment advice: Copper prices are expected to be widely volatile in the short term. Consider reverse arbitrage opportunities between domestic and overseas markets. [68] 3.2.16 Energy Chemicals (Liquefied Petroleum Gas) - South Korea plans to restructure its naphtha cracking capacity. The increase in the PG contract price on Wednesday was mainly due to sentiment rather than fundamental support. [69][70] - Investment advice: Do not short - sell for now. Consider positive arbitrage opportunities between the November and December contracts for the 2510 contract. [70] 3.2.17 Energy Chemicals (Crude Oil) - US EIA data shows a significant decline in commercial crude oil inventories. The oil price is expected to continue to trade within a narrow range, waiting for a directional driver. [71][72][73] - Investment advice: Wait for a directional driver in a volatile market. [73] 3.2.18 Energy Chemicals (PX) - PX prices rebounded slightly. The supply is relatively stable, and the price mainly follows the trend of crude oil. [74] - Investment advice: Adjust positions according to the cost of crude oil. Consider buying on price dips with a light position. [75] 3.2.19 Energy Chemicals (PTA) - The spot basis of PTA has strengthened, and the market negotiation is fair. The demand from the weaving and polyester sectors is improving marginally. The price mainly follows the cost - end trend. [76][77] - Investment advice: The price mainly follows the cost - end trend. Consider buying on price dips with a light position and rolling the position. [78] 3.2.20 Energy Chemicals (Soda Ash) - The price of soda ash in the market is weak, and the supply and demand are in a general situation. The price is expected to continue to be short - sold on price increases. [79] - Investment advice: Adopt a short - selling approach on price increases and pay attention to supply - side disturbances. [79] 3.2.21 Energy Chemicals (Float Glass) - The price of float glass in the market has declined. The supply - side hype has subsided, and the market is weak. [80] - Investment advice: Be cautious in single - side trading. Consider arbitrage strategies, such as buying glass and short - selling soda ash when the spread widens. [81] 3.2.22 Energy Chemicals (Caustic Soda) - The price of high - concentration caustic soda in Shandong has increased slightly. The supply and demand are relatively stable, and the price is expected to be range - bound. [82][83][84] - Investment advice: The caustic soda market has bottomed out, but the price increase may be limited. The price is expected to be range - bound. [84] 3.2.23 Energy Chemicals (Pulp) - The price of imported wood pulp is stable, with some varieties showing a downward trend. The market is lackluster, and the price is expected to be range - bound. [85] - Investment advice: The pulp market is expected to be range - bound in the short term due to weak fundamentals. [85] 3.2.24 Energy Chemicals (PVC) - The price of PVC powder is weak, and the downstream demand is general. The anti - dumping ruling in India may further weaken the market. [86][87] - Investment advice: The PVC market is expected to be weak in the short term. [87] 3.2.25 Energy Chemicals (Styrene) - The price of styrene rebounded due to news of naphtha cracking capacity reduction in South Korea. The market may focus on future supply situations, and the price may be affected by cost and sentiment. [88][89] - Investment advice: Be aware of the impact of policies on the supply and cost of styrene and the spread of market sentiment. [89] 3.2.26 Energy Chemicals (Bottle Chips) - The export quotes of bottle chip factories have been partially increased. The production capacity of major bottle chip factories will continue to be reduced in August, and attention should be paid to the pressure brought by the resumption of production and new production capacity in late August to September. [90][91] - Investment advice: The price of bottle chips mainly follows the trend of polyester raw materials. Pay attention to the impact of production capacity changes in late August to September. [91] 3.2.27 Shipping Index (Container Freight Rates) - The container throughput of Hamburg Port to the US has decreased significantly. The EU's trade situation has deteriorated due to US tariff increases. The supply of shipping capacity is still relatively high, and the demand is weak, so freight rates are expected to continue to decline. [92][93][94] - Investment advice: The freight rate is expected to be range - bound in the short term. Consider short - selling opportunities on price increases. [94]

8月20日，由郑州商品交易所、芝加哥商业交易所集团联合主办的2025中国（郑州）国际期货论坛正式 召开。在当天下午举行的农产品（油脂油料）论坛上，益海嘉里粮食业务部花生业务总监郭立君表示， 我国花生市场存在产业链短、竞争力弱的问题，面临转型升级挑战。 "从2015年到2024年的近10年时间看，全球花生产量整体增长，年均增长率为2.3%。我国是世界上最大 的花生生产国，也是全球最大的花生消费国，2024年产量占全球的37.7%。此外，我国花生油的产量和 消费量，均占据全球市场的半壁江山。"郭立君说。 郭立君介绍，当前我国花生产业呈现五个特点。一是种植面积稳定。补贴政策有助于维持农户种植花生 的积极性。二是产业结构优化。产业链延伸政策促进花生加工业的升级。三是市场供给多元化。进口政 策的调整拓宽了国内市场的供给渠道。四是质量安全水平提升。标准的完善推动了行业整体质量的提 高。五是国际竞争力增强。综合政策支持有助于提升我国花生产业的国际竞争力。 展望全球市场发展趋势，郭立君认为，市场规模在扩大、消费结构在变化、新兴市场在崛起、创新技术 逐渐用于种植和加工环节，花生产业将向高质量、高附加值、可持续发展方向转型，产业 ...