消息面 据外媒报道，阿根廷农牧渔业国秘处公布的数据显示，2025年8月19日阿根廷港口大豆FOB报价为每吨 424美元；豆油报每吨1092美元。 监测数据显示，截止到第33周末(8月16日)，国内油厂平均开机率为64.64%，较上周的62.56%开机率增 长2.08%。全国油厂大豆压榨总量为241.68万吨，较上周的233.89万吨增加了7.79万吨，其中国产大豆压 榨量为1.05万吨，进口大豆压榨量为240.63万吨。本周预期大豆加工量仍在240万吨高位之上，为247万 吨，开机率为66.07%。 马托格罗索州农业经济研究所(IMEA)公布，马托格罗索州8月11日至8月15日当周大豆压榨利润为392.46 雷亚尔/吨，此前一周为392.80雷亚尔/吨。当周，豆油价格为6166.27雷亚尔/吨。 机构观点 东海期货： 豆油成本预期偏强，短期高库存压力增加，然四季度供需面好转且相关油脂提振偏强。 建信期货： 豆油方面，因美国和巴西生物柴油政策以及四季度大豆进口量可能减少叠加国内需求回暖，远期看好。 短期或有回调，但中长期看多思路。 ...

Core Insights - The core viewpoint of the article is that Shuangta Food has reported its financial performance for the first half of 2025, showing modest growth in both revenue and net profit [1] Financial Performance - In the first half of 2025, Shuangta Food achieved operating revenue of 1.047 billion yuan, representing a year-on-year increase of 6.18% [1] - The net profit attributable to shareholders was 54.36 million yuan, which reflects a year-on-year increase of 0.89% [1]

Core Viewpoint - The restructuring of global supply chains and the volatility of commodity prices have made risk management crucial for the survival and development of enterprises, as well as for the stability of the national economy [1] Group 1: Risk Management Trends - There is an increasing awareness among Chinese listed companies regarding risk management, particularly in the context of complex economic conditions and significant commodity price fluctuations [2] - Manufacturing companies are the main participants in the futures market for hedging, particularly in sectors like chemicals and agricultural products [2] - The trend towards systematic, refined, and globalized risk management is becoming more pronounced among listed companies [2][4] Group 2: Tools and Strategies - Futures and derivatives are becoming indispensable tools for risk management, with both on-exchange and off-exchange markets complementing each other [5] - The total hedging amount announced by A-share listed companies in 2024 is approximately 34 trillion yuan, with commodity hedging amounting to about 289 billion yuan [3] - The use of options is increasing, with off-exchange options offering advantages in terms of variety and flexibility compared to on-exchange options [5] Group 3: Compliance and Internal Control - Compliance is essential for risk management, serving as a "safety barrier" for enterprises [6] - Effective internal control systems are necessary for managing futures and derivatives trading, ensuring that risk management aligns with the core business objectives [7] - Companies should establish a comprehensive internal control system to enhance their risk management capabilities and ensure the smooth execution of hedging transactions [6][7]

Group 1 - The core viewpoint emphasizes the importance of modern agricultural industrial parks in promoting high-quality agricultural development through policy support and resource optimization [1] - The Ministry of Agriculture and Rural Affairs has cumulatively supported the construction of 400 modern agricultural industrial park projects from 2017 to 2025, establishing a leading pattern for agricultural modernization [1] - The initiative encourages the integration of various industries, promoting rural leisure tourism and the development of diverse agricultural-related industries [1] Group 2 - The Ministry of Agriculture and Rural Affairs is advancing technological innovation in key industries such as peanuts and broilers, with over 40 new peanut varieties created since 2024 and a market share of over 28% for domestic white-feathered broilers [2] - The promotion of mechanization in peanut production is being supported through subsidies for relevant machinery, enhancing the overall equipment level in the industry [2] - The establishment of a national peanut processing technology research center aims to improve processing techniques and expand product categories in the meat chicken sector [2] Group 3 - The Ministry is focused on building a regional peanut trading center and enhancing the agricultural product market system, with significant improvements in infrastructure and market management [3] - Since 2011, the Ministry has collaborated with 20 provinces to establish 33 national agricultural product markets, facilitating the development of regional and local markets [3] - Future plans include continued support for modern agricultural industrial park projects and the development of a high-quality agricultural product market system [3]

Group 1 - The integration of high-tech processing in the crayfish industry has significantly increased the value of the product, with the price per pound at least doubling from raw to processed forms [1] - Hefei has positioned technological innovation as a key driver for deep processing of agricultural products, enhancing the entire industry chain, supply chain, technology chain, and value chain [1] - The agricultural technology contribution rate in Hefei has reached 71%, with the number of high-tech agricultural enterprises growing to 130 [1] Group 2 - The combination of technology and branding has expanded the value-added space in the agricultural sector, addressing issues such as short supply chains and disconnection between production and processing [2] - Hefei is actively promoting its agricultural brands, with an increasing number of products recognized in national directories and certifications, including 285 green food certifications and 163 organic product certifications [2]

Core Points - The company has not distributed cash dividends or bonus shares during the reporting period [3] - The company plans to hold its first extraordinary general meeting of 2025 on September 5, 2025 [34][35] - The company has proposed changes to its independent directors, nominating three candidates for approval at the upcoming shareholder meeting [9][19] Financial Data - The company reported a total impairment provision of 42.57 million yuan for the first half of 2025, with 42.57 million yuan attributed to inventory write-downs [29][30] - The net impact of the impairment provisions on profit for the period was a reduction of 15.75 million yuan [29] Corporate Governance - All directors attended the board meeting that reviewed the half-year report [2] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5] - The company has proposed to change its independent directors due to the expiration of their terms [20][21] Investment Projects - The company approved the independent legal operation of its grain and oil management business on March 25, 2025 [5] - An investment decision for a food processing project was approved on April 28, 2025, with a focus on constructing a steel structure factory [6] - A technology upgrade project for beverage tea production was approved on June 17, 2025, with a total investment not exceeding 18.37 million yuan [6]

Core Viewpoint - The development quality of listed companies is crucial for the stability of the capital market, and effective risk management is a key dimension of this quality [1][2]. Group 1: Risk Management Trends - In 2025, from January to July, 1,114 listed companies engaged in futures and derivatives business, with approximately 80% (902 companies) involved in foreign exchange hedging, 33% (364 companies) in commodity futures hedging, and 15% (162 companies) in both [1]. - Manufacturing companies are the main participants in the futures market for hedging, particularly in the chemical and agricultural processing sectors, facilitating industry upgrades and overseas expansion [2]. - There is a growing trend towards systematic, refined, and global risk management among listed companies, with an increasing awareness of proactive hedging [2]. Group 2: Role of Associations and Guidelines - The China Listed Companies Association plays a pivotal role in guiding companies in rational participation in hedging, enhancing their quality of development [3]. - The Shanghai and Shenzhen Stock Exchanges have issued guidelines for the disclosure of hedging business information, leading to improved transparency and understanding of hedging effectiveness among investors [2][3]. Group 3: Recommendations for Companies - Companies are encouraged to establish a strong risk management awareness, avoid both conservative and speculative behaviors, and engage in regulated operations [4]. - It is essential for companies to develop a rigorous and efficient risk control system, including scientific decision-making and risk warning mechanisms [4]. - The cultivation of professional talent in derivatives risk management is critical, requiring a blend of knowledge in spot operations, financial theory, and risk control experience [4].

Core Viewpoint - Deep Grain Holdings (000019.SZ) reported a slight decrease in revenue for the first half of 2025, while net profit showed significant growth compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was 2.384 billion yuan, representing a year-on-year decrease of 1.33% [1] - Net profit attributable to shareholders of the listed company was 176 million yuan, reflecting a year-on-year increase of 36.44% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 158 million yuan, which is a year-on-year increase of 35.21% [1] - Basic earnings per share were reported at 0.1527 yuan [1]

责编:史健 | 审校:陈筱娟 | 审核:李震 | 监审:古筝 【大河财立方 记者 陈玉静】8月19日，由郑州商品交易所（以下简称郑商所）、芝加哥商业交易所集团 主办的2025中国（郑州）国际期货论坛在郑州启幕。在当天下午举办的以"期货市场创新与产业企业风 险管理"为主题的产业企业风险管理论坛上，交易所、行业协会、国内外实体企业和金融机构等代表为 产业企业风险管理建言献策。 中国上市公司协会相关负责人表示，在当前内外部经济形势日益复杂、大宗商品价格大幅波动的背景 下，上市公司利用期货和衍生品管理风险的广度和深度不断拓展。 "今年以来，上市公司利用衍生品管理风险逐渐呈现出一些新趋势、新特征。"中国上市公司协会相关负 责人表示。从行业来看，制造业上市公司是套保的主力军，主要覆盖化工、农产品加工等领域，为企业 实现产业升级、加速海外布局提供有利条件。从工具应用来看，以应对汇率、利率、大宗商品价格波动 风险为主，逐渐延伸到全面管理金融资产价格波动带来的风险。从理念和效果来看，上市公司主动避险 的意识越来越强，风险管理的系统化、精细化、全球化趋势日益明显。 一个"安全、规范、透明、开放、有活力、有韧性"的期货市场，是产业 ...

Core Insights - The article highlights the significant advancements in the barley industry in Tibet, particularly focusing on the development of highland barley products and the integration of technology in agriculture [1][2]. Group 1: Industry Development - Since the 18th National Congress, Tibet has prioritized increasing the income of impoverished communities as a core task to consolidate poverty alleviation results, establishing 224 intangible cultural heritage workshops to boost income [1]. - The establishment of the first dedicated highland barley production line in September last year has increased the flour yield from below 60% to over 70% [2]. - The introduction of modified barley flour technology has addressed fermentation difficulties and improved the quality of barley products, allowing barley flour to be used as a primary ingredient in bread [3]. Group 2: Product Innovation - A variety of new products have been developed, including barley bread, dumplings, noodles, and popcorn, marking a shift from traditional coarse processing to deep processing of barley [5]. - The online popularity of products like barley popcorn indicates strong market demand, with an order of 7,000 tons of barley raw materials already achieved, and an expected total of 15,000 tons this year [6]. Group 3: Technological Integration - The barley cultivation process has transitioned from traditional methods to digital management, enhancing efficiency and productivity [8][9]. - The use of drones for spraying fertilizers has significantly reduced labor time, allowing for the treatment of over 30 acres in half an hour compared to the previous manual method [10]. - The implementation of IoT devices in barley fields provides real-time data for precise water and fertilizer management, supporting informed production decisions [12]. Group 4: Traceability and Scale - The introduction of a blockchain traceability system ensures that each bag of barley seeds has a unique "digital ID," allowing for the tracking of the entire cultivation process [14]. - The total barley planting area in Tibet has reached 2.3 million acres, with a total production of 888,000 tons, and the development of over 80 deep-processed barley products generating an annual processing value exceeding 1.2 billion [14].