1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The US corn market is expected to remain in a narrow - range oscillation. The domestic corn spot has short - term downward space, and the 01 corn futures will fluctuate weakly. The 01 starch futures are expected to oscillate at the bottom in the short term. It is recommended to try to go long on 05 and 01 corn lightly and to shrink the spread between 01 corn and starch when the spread is high [4][7][9][10] 3. Summary by Relevant Sections Data Futures Disk - Corn futures (C2601, C2605, C2509) and corn starch futures (CS2601, CS2605, CS2509) all showed price declines on October 30, 2025. For example, C2601 closed at 2111, down 5 (-0.24%), and CS2601 closed at 2419, down 8 (-0.33%). The trading volume and open interest of different contracts had varying degrees of increase or decrease. For instance, the trading volume of C2601 increased by 24.51%, and the open interest of CS2601 decreased by 1.70% [2] Spot and Basis - Corn spot prices in different regions had different trends. The prices in Qinggang, Songyuan Jiji, etc. were reported, with some stable and some falling. The basis of corn in different regions also varied, such as -277 in Qinggang. Starch spot prices in different enterprises were stable, and the basis was relatively high, like 120 in Longfeng. The spreads between different contracts of corn and starch also had changes, for example, the spread of C01 - C05 was -102, up 3 [2] Market Judgment Corn - The US corn market is in a narrow - range oscillation. The import profit of foreign corn has declined, and the FOB price at northern ports in China is stable. The spot price in the Northeast corn - producing area has continued to decline, while the supply in North China has decreased, and the corn spot price has begun to stabilize and rebound. The price difference between Northeast and North China corn has narrowed. The wheat price in North China is relatively strong, and the price difference between wheat and corn has widened. The domestic breeding demand is stable, but the corn spot still has short - term downward space. The market is concerned about the selling pressure of Jilin corn at the end of October [4][7] Starch - The number of vehicles arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong has stabilized. The starch inventory has decreased this week. The starch price mainly depends on the corn price and downstream stocking. The by - product price is relatively strong, and the enterprise profit is good. However, due to the possible decline of corn price at the end of October in North China, the starch spot price is also expected to decline, and the 01 starch futures are expected to oscillate at the bottom in the short term [8] Trading Strategy - The US corn is expected to continue to oscillate narrowly. North China corn is stabilizing and rebounding, but there is short - term pressure. It is recommended to try to go long on 05 and 01 corn lightly and to shrink the spread between 01 corn and starch when the spread is high [9][10] Corn Options - The option strategy is a short - term strategy of accumulating puts and calls with rolling operations [12] Relevant Attachments - The attachments include charts of corn and corn starch spot prices, basis, spreads, etc., which visually show the price trends and relationships of different contracts and regions over time [14][16][20]

Market Overview - The agricultural processing sector increased by 0.28% compared to the previous trading day, with *ST Jiawo leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - The following stocks in the agricultural processing sector showed notable performance: - *ST Jiawo: Closed at 10.94, up 2.72% with a trading volume of 23,100 shares and a turnover of 25.23 million yuan [1] - Zhongliang Sugar Industry: Closed at 15.69, up 2.21% with a trading volume of 541,900 shares and a turnover of 85.7 million yuan [1] - Baolingbao: Closed at 9.86, up 2.18% with a trading volume of 120,400 shares [1] - Oufu Egg Industry: Closed at 11.35, up 1.43% with a trading volume of 157,200 shares [1] - Suobao Protein: Closed at 19.97, up 0.96% with a trading volume of 55,800 shares [1] Capital Flow - The agricultural processing sector experienced a net outflow of 26.8 million yuan from institutional investors and 77.7 million yuan from speculative funds, while retail investors saw a net inflow of 104 million yuan [2] - The following stocks had significant capital flow: - Zhongliang Sugar Industry: Net inflow of 57.5 million yuan from institutional investors, with a net outflow of 42.8 million yuan from speculative funds [3] - Baolingbao: Net inflow of 2.2 million yuan from institutional investors, with a net outflow of 8.3 million yuan from speculative funds [3] - *ST Jiawo: Net inflow of 4.6 million yuan from institutional investors, with a net outflow of 3.1 million yuan from speculative funds [3]

Core Viewpoint - The establishment of the "Hua Juhong Guangzhou Impression Pavilion" aims to connect the Hua Juhong industry with the consumption market in the Guangdong-Hong Kong-Macao Greater Bay Area, promoting rural development and economic benefits for local farmers [1][2]. Group 1: Industry Development - The "Hua Juhong" is recognized as a significant geographical indication product in Huazhou, known as the "ginseng of the south," and is a key industry for local economic prosperity [1][2]. - The initiative is part of the "Hundred-Thousand-Ten Thousand Project," which focuses on industry assistance and consumption promotion as essential tasks [1][2]. Group 2: Activities and Engagement - The work team has set up the "Hua Juhong Guangzhou Impression Pavilion" as the first display window for Hua Juhong in the Greater Bay Area, facilitating direct engagement with local agricultural workers [2]. - Members of the provincial agricultural and rural affairs department's labor union participated in a series of visits to the pavilion, gaining insights into the history, medicinal value, and production processes of Hua Juhong [2]. Group 3: Future Plans - The work team plans to expand the promotion and sales channels for Hua Juhong products, aiming to integrate them into more labor union systems and leverage e-commerce platforms for online promotions [3]. - The initiative is expected to enhance the economic benefits for local farmers and contribute to the broader goal of rural revitalization in Huazhou [3].

Core Insights - The article highlights the successful development of local agricultural products in Fangcheng County, emphasizing the transformation of traditional specialties into standardized, industrialized, and branded products that contribute to rural revitalization and farmers' income growth [1][2]. Group 1: Agricultural Development - Fangcheng County has implemented agricultural development plans focusing on ten core industries, establishing a modern agricultural system that integrates various elements such as land, capital, and technology [2]. - The county has cultivated over 34 agricultural leading enterprises, benefiting nearly 100,000 people by integrating them into the industrial chain [2][5]. Group 2: Product Success Stories - The production of Fangcheng Hui Mian (a local noodle dish) has flourished, with over 2,800 businesses generating an annual output value of approximately 1 billion yuan, directly creating 20,000 jobs and indirectly supporting over 50,000 [3]. - The Hui Mian industry has adopted strict production standards and innovative freezing techniques to maintain quality, leading to a significant increase in online sales, surpassing 1 million units and generating over 30 million yuan in revenue [3][4]. Group 3: Branding and Marketing - The county has actively promoted its agricultural products through online and offline channels, leveraging e-commerce platforms and live-streaming sales to enhance visibility and sales [3][4]. - The "Bohuang Golden Pear" has gained international recognition, with sales reaching over 800 tons during the harvest season, showcasing the effectiveness of digital marketing strategies [4][5]. Group 4: Future Prospects - Fangcheng County aims to continue transforming traditional agriculture into standardized, industrialized, and branded products, enhancing the market competitiveness of its agricultural brands [5].

Group 1: APEC Meeting and Trade Relations - The APEC 32nd informal leaders' meeting will be held in Gyeongju, South Korea from October 31 to November 1, highlighting the close economic ties between China and South Korea within the APEC framework [1] - China and South Korea are significant economic entities in APEC, with trade resilience rooted in pragmatic complementarity and mutual benefits [1] Group 2: Kimchi and Agricultural Products - In 2024, South Korea produced 530,000 tons of kimchi and imported 310,000 tons, with 99.98% of the imports coming from China [3] - The price of cabbage in South Korea has fluctuated significantly due to extreme weather, with market prices ranging from 7.5 RMB to as high as 130 RMB per cabbage [5][8] - The crisis in cabbage supply has created opportunities for Chinese kimchi exports, with Shandong Pingdu becoming a key export base and a "green channel" at Rongcheng Shidao Port ensuring quick customs clearance and freshness for kimchi [8] Group 3: Agricultural Technology and Trade - Chinese products account for 67% of the agricultural drones supported by the South Korean government through subsidies or loans [10] - Due to limited arable land in South Korea, Chinese-made drones are being utilized for seeding and fertilization in major agricultural areas [11] - In 2024, the trade volume between China and South Korea reached 2.33 trillion yuan, with China remaining South Korea's largest trading partner and South Korea becoming China's second-largest trading partner [13]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the Fed cut interest rates by 25BP as expected, but Powell said a December rate cut is not guaranteed, strengthening the US dollar index and cooling global risk appetite. Domestically, economic growth has accelerated, and the upcoming meeting between Chinese and US leaders has boosted market optimism. Policy stimulus expectations have increased, enhancing short - term macro - upward drivers. Focus on China - US trade negotiations and domestic incremental policies [3]. - Different asset classes have different trends: stocks are short - term oscillating and strengthening; bonds are short - term oscillating; commodities have different trends for different sectors [3]. Summary by Directory Macro - finance - **Stocks**: Driven by sectors such as energy metals, industrial metals, and photovoltaic equipment, the domestic stock market rose significantly. With accelerated economic growth, the upcoming Sino - US leaders' meeting, and enhanced policy stimulus expectations, short - term macro - upward drivers have increased. Short - term cautious buying is recommended [4]. - **Precious Metals**: After the Fed's rate cut, the US dollar strengthened, and precious metals weakened. In the short term, they are oscillating and correcting, but the medium - to - long - term upward trend remains. Short - term long - position reduction and mid - to - long - term buying on dips are advised [4]. Black Metals - **Steel**: The domestic steel spot and futures markets continued to rebound. Demand improved marginally, inventories decreased, and supply is expected to decline due to compressed profits and environmental restrictions. The market is mainly driven by macro factors, and prices are likely to be oscillating and strengthening [5]. - **Iron Ore**: Iron ore prices continued to be strong due to improved macro expectations and a significant drop in arrivals. Port inventories decreased. Steel mill profits are compressed, and iron - water production may decline further. Supply has some changes, and prices are expected to oscillate in the short term [7]. - **Silicon Manganese/Silicon Iron**: Spot prices were flat, and futures prices rebounded slightly. Demand decreased due to a slight decline in steel production. Supply of silicon manganese increased slightly. Prices are expected to oscillate in the range [8]. Chemicals - **Soda Ash**: The main contract oscillated. Supply increased in the short term, and there are capacity expansion plans in the fourth quarter. Demand increased slightly. With supply pressure, a bearish view is taken [9]. - **Glass**: The main contract oscillated. Supply was stable, demand in the peak season was weak, and inventory was relatively high. Supported by anti - involution policies, it is expected to be oscillating and strengthening in the short term [9]. Non - ferrous Metals and New Energy - **Copper**: Driven by supply concerns, copper prices reached a record high. High US inventories may limit future imports. A mine shutdown in Indonesia tightened the global supply, but beware of the restart of a Panama mine. Domestic de - stocking was less than expected, and prices are expected to remain strong [10]. - **Aluminum**: The price of Shanghai aluminum rose significantly, with technical support at 21100. Fundamentals are not good, but a decline in London inventories may support prices in the short term [11]. - **Tin**: After the end of a large - scale smelter's maintenance in Yunnan, the smelting start - up rate increased significantly. However, the ore supply is tight, and prices are expected to oscillate at a high level [11]. - **Lithium Carbonate**: The main contract rose. Supply and demand both increased, and the price is expected to be oscillating and strengthening in the short term, but beware of hedging pressure [12]. - **Industrial Silicon**: The main contract rose. Demand was stable, and with cost support, it is expected to be oscillating and strengthening [12]. - **Polysilicon**: The main contract rose. Supply is high, demand is low, and it is waiting for policy support and attention to spot price support [13]. Energy and Chemicals - **Crude Oil**: The market evaluated the impact of a large drop in US inventories and sanctions on Russian oil producers. The meeting between Chinese and US leaders raised expectations for trade agreements, and oil prices rebounded slightly [15]. - **Asphalt**: Prices rebounded with oil prices and then stabilized. With the approaching off - season, inventory reduction will slow down. Future price trends depend on the rebound space of oil prices [15]. - **PX**: As oil prices rose, PX followed suit. It is in a tight supply situation but has high short - selling risks [16]. - **PTA**: The market is waiting for the results of a symposium. Short - term capital is leaving, and the inventory accumulation rate has slowed down. It will remain oscillating in the short term [16]. - **Ethylene Glycol**: Port inventories decreased slightly, and prices rose slightly with oil prices. It will continue to oscillate in the near term [16]. - **Short - fiber**: Prices rebounded slightly but are expected to remain weakly oscillating. Future upward space depends on terminal orders [17]. - **Methanol**: Some inland markets are weak, and port prices are oscillating at a low level. Supply pressure will increase, and demand is weak. Prices are expected to oscillate in the short term [17]. - **PP**: Market quotations oscillated. Supply is sufficient, but demand has improved marginally. Prices may be repaired in the short term [19]. - **LLDPE**: Prices fluctuated slightly. Supply is expected to increase, and demand may improve slightly. Prices may be repaired in the short term, but the supply - surplus situation remains [19]. - **Urea**: The domestic market showed a slight downward trend. Supply is becoming more abundant, and demand is stable. Prices are expected to oscillate at a low level [20]. Agricultural Products - **US Soybeans**: CBOT soybean prices fell slightly. US soybean exports have decreased significantly this year. The market is optimistic about trade negotiations, but there are still system risks [21]. - **Soybean and Rapeseed Meal**: Domestic soybean supply is abundant, and soybean meal supply is sufficient. If Sino - US agricultural trade relations improve, soybean meal inventory accumulation may limit upward price space [21]. - **Palm Oil**: In Malaysia, inventory accumulation pressure has increased since October, and the implementation of Indonesia's B50 plan is uncertain. After continuous price drops, it has entered a technically oversold stage [22]. - **Soybean and Rapeseed Oil**: Soybean oil supply is abundant, and it is in the consumption peak season. Rapeseed oil inventory is decreasing, but there are factors suppressing prices [23]. - **Corn**: North - port corn prices continued to decline. The market price is close to the cost line, and farmers' reluctance to sell may slow down the decline [23]. - **Hogs**: The average price of live hogs decreased slightly. Short - term prices have stabilized, but there is still a large supply - demand mismatch pressure in November [23].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a revenue of 569 million yuan for the first three quarters of 2025, representing a year-on-year increase of 30.5%. The net profit attributable to shareholders was 62 million yuan, up 0.5% year-on-year [5][8] - In Q3 2025, the company achieved a revenue of 210 million yuan, a 20.5% increase year-on-year, while the net profit decreased by 25.6% to 21 million yuan [5][8] - The company is expected to benefit from new production capacities being released, which will help capture market opportunities [8] Financial Summary - The total revenue forecast for 2025 is 790 million yuan, with a year-on-year growth rate of 28.1%. The net profit is projected to be 93 million yuan, reflecting a growth rate of 6.9% [7] - The gross profit margin for Q3 2025 was 20.0%, down 5.3 percentage points year-on-year but showing a recovery from the previous quarter [8] - The company plans to increase its production capacity for konjac products, with a new production line expected to be operational by December 2025, increasing annual capacity from 5,700 tons to 10,200 tons [8]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The US corn market is in a narrow - range oscillation. Although the US - China relationship has eased recently and the price has rebounded, the high production level remains unchanged. The Chinese market has high import profits for foreign corn, and the domestic corn spot still has room to decline in the short term. Corn starch prices are mainly affected by corn prices and downstream stocking, and the short - term spot is expected to decline, with the 01 - contract on the futures market bottom - oscillating [4][6][7]. - The trading strategy suggests that the US corn has support at 400 cents per bushel. For 05 and 01 corn, it is advisable to wait and see. For the spread between 01 corn and starch, one can try to short the spread when it is high. In the options market, a short - term strategy of accumulating puts and calls with rolling operations is recommended [8][9][11]. 3. Summary by Directory 3.1 Data - **Futures Market**: Among corn futures contracts, C2601 closed at 2116, down 7 (- 0.33%); C2605 closed at 2221, down 9 (- 0.41%); C2509 closed at 2253, down 8 (- 0.36%). Among corn starch futures contracts, CS2601 closed at 2427, up 3 (0.12%); CS2605 closed at 2540, down 1 (- 0.04%); CS2509 closed at 2590, down 3 (- 0.12%) [2]. - **Spot and Basis**: Corn spot prices in different regions showed different trends. For example, the price in Qinggang was 1970, unchanged; in Guangdong Port, it was 2250, down 20. Starch spot prices were stable. The basis for corn and starch also varied by region [2]. - **Spreads**: In the corn market, the spread of C01 - C05 was - 105, up 2; in the starch market, the spread of CS01 - CS05 was - 113, up 4. The cross - variety spreads also had corresponding changes [2]. 3.2 Market Judgment - **Corn**: The US corn market is in a narrow - range oscillation. The Chinese market has high import profits for foreign corn. The spot price in the Northeast is falling, while in North China, it has started to stabilize and rebound. The domestic breeding demand is stable, but the corn spot still has room to decline in the short term [4][6]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot in Shandong has stabilized. The starch inventory has decreased this week. Due to the significant decline in corn prices, enterprises are making good profits. However, the corn in North China may still decline at the end of October, and the starch spot is expected to follow suit [7]. 3.3 Corn Options The recommended option strategy is a short - term strategy of accumulating puts and calls with rolling operations [11]. 3.4 Related Attachments The attachments include graphs showing the spot prices of corn in different regions, the basis of corn 01 contract, the spreads of corn 1 - 5, the spreads of corn starch 1 - 5, the basis of corn starch 01 contract, and the spreads of corn starch 01 contract [13][15][20].

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - In November, a large quantity of peanuts will be on the market. The new - season peanut production is expected to be higher than last year, and the planting cost has decreased. However, the peanut quality in Henan and other regions is poor, and the supply of oil - grade peanuts is sufficient. The peanut spot price still has room to fall, and the price difference between oil - grade peanuts and general peanuts will widen. The peanut inventory in oil mills is low, and the profit from squeezing is good. It is expected that oil mills will purchase a large amount of oil - grade peanuts in November. The decline space of 01 peanut futures is limited, and it will still fluctuate at the bottom [5][52] - The 01 peanut futures will fluctuate between 7700 - 8000 yuan/ton at the bottom, and the 05 peanut futures will fluctuate between 7800 - 8200 yuan/ton at the bottom. The 01 peanut has strong support at 7700 yuan/ton, and the 01 and 05 peanuts can be short - term long at the bottom. For arbitrage, it is recommended to wait and see. After the peanut futures price drops, sell the pk601 - P - 7600 option [11][52] Summary by Relevant Catalogs 1. First Part: Preface Summary 1.1 Market Review - In October, the peanut import volume remained low, oil mills had not made large - scale purchases, the peanut quality in Henan and other regions was poor, the peanut spot price dropped significantly, and the peanut price in the Northeast was relatively strong. The downstream demand was still weak, the peanut inventory in oil mills was at a low level, and the operating rate was still low. The prices of peanut oil and peanut meal were relatively weak, but the profit of peanut oil mills was high. Affected by the rainfall in Henan and other regions, the 01 peanut futures first rose and then fell [4] 1.2 Market Outlook - In November, with a large number of peanuts on the market, the new - season peanut production is expected to be higher than last year, and the planting cost has decreased. However, due to the poor peanut quality in Henan and other regions and sufficient supply of oil - grade peanuts, the peanut spot price still has room to fall, and the price difference between oil - grade peanuts and general peanuts will widen. Oil mills have low peanut inventory and good squeezing profit, so they are expected to purchase a large amount of oil - grade peanuts in November. The decline space of 01 peanut futures is limited, and it will still fluctuate at the bottom [5] 1.3 Strategy Recommendation - Unilateral: Short - term long the 01 peanut futures at 7600 - 8000 yuan/ton. Arbitrage: Wait and see. Option: Sell the pk601 - P - 7600 option after the peanut futures price drops [7] 2. Second Part: International Peanut Situation and Market Review - Global peanut production has increased, but peanut imports have decreased significantly. According to FAS data, the global peanut production in 2025 is expected to be 51.78 million tons, including 19 million tons in China, 7.35 million tons in India, 1.8 million tons in Senegal, and 1 million tons in Sudan. The latest data from the US Department of Agriculture shows that the global peanut production in 2025 is 51.74 million tons, with about 19 million tons in China, 7.35 million tons in India, and 4.3 million tons in Nigeria. In 2024, the global peanut crushing volume was 19.28 million tons, accounting for 37.6%. In 2024, the global imported peanut volume was 4.26 million tons, and the exported peanut volume was 4.82 million tons, accounting for 9.4%. Due to lower - than - expected imports from Sudan and Senegal, the imported peanut volume is significantly lower than last year [8] 3. Third Part: Domestic Peanut Fundamental Situation 3.1 New - season Peanuts are Gradually on the Market, and Peanut Prices in Henan have Dropped Significantly - Affected by rainfall during the peanut harvest, the peanut quality is poor, and oil mills have not made large - scale purchases. The price of general peanuts in Henan has dropped significantly, while the peanut price in the Northeast is still strong. For example, the peanut price in Zhengyang, Henan has dropped from 4.3 yuan/jin to 3.4 yuan/jin, and the general peanut price in the Northeast has remained stable at around 4.1 yuan/jin. As peanuts in Henan are gradually on the market, and the peanut quality is poor, it is expected that the price difference between oil - grade peanuts and general peanuts will widen in the later stage. In November, a large number of peanuts will still be on the market. Due to the current low price, it is expected that oil mills may make large - scale purchases, and the decline space of peanut prices is limited [13] 3.2 Imported Peanuts have Decreased Significantly Year - on - Year, and the Price of Imported Peanuts is Relatively Strong - In September, 34,000 tons of peanut kernels were imported, and from January to September, 164,000 tons of peanut kernels were imported, a year - on - year decrease of 71%. Among them, 17,000 tons were imported from Sudan, 17,000 tons from Senegal, 36,000 tons of shelled peanuts from the United States, 40,000 tons from India, and 16,000 tons from Argentina. From January to September, a total of 115,000 tons of peanut kernels were exported, a year - on - year increase of 24%. According to the seasonal pattern of imports, it is expected that the peanut import volume will still be low in November. From January to September 2025, the cumulative import of peanut oil was 291,000 tons, 47% higher than last year. Due to weak domestic peanut oil consumption and high peanut oil inventory in domestic oil mills, it is expected that imports will remain stable in November [22] 3.3 The Operating Rate of Peanut Oil Mills is Still Low, and the Peanut Inventory in Oil Mills is Still at a Low Level - In October, a large number of peanuts were on the market at a low price. Although oil mills theoretically had squeezing profit, the operating rate was still at a low level, and the peanut inventory in oil mills was still low. As of October 24, the operating rate of peanut oil mills was 7.86%, and the peanut inventory was 35,000 tons, lower than 43,000 tons in the same period last month and 54,000 tons in the same period last year. The price of peanut meal was relatively stable, the price of peanut oil was stable, and the purchase price of peanuts was low, so oil mills had theoretical squeezing profit. As of October 23, the squeezing profit of peanut oil mills was 230 yuan/ton, lower than 290 yuan/ton last month but higher than - 21 yuan/ton in the same period last year. The squeezing profit of oil mills mainly comes from peanut oil. Generally, the contribution ratio of peanut oil and peanut meal to squeezing profit is between 2 - 4. As of the end of October, the profit of peanut oil for oil mills was 3.43 times that of peanut meal, and the theoretical break - even price of peanuts was 7911 yuan/ton. In November, with the concentrated listing of new - season peanuts, oil mills are expected to gradually build up inventory due to profit and low inventory. The operating rate of peanut oil mills will increase, and the peanut inventory will also increase [31] 3.4 The Planting Area of New - season Peanuts has Increased, the Planting Cost has Decreased, and the Production is Higher than Last Year - In 2025, the peanut planting area increased year - on - year. Although there was partial production reduction in some regions such as Henan, the national peanut production was slightly higher than last year. After removing land rent, the planting cost was basically between 600 (excluding seeds) - 800 yuan/ton, mostly 800 yuan/ton, and the seed cost decreased slightly. In some regions such as Henan, which have two crops a year, the planting cost is relatively low. In Jilin, the land rent decreased by 100 - 200 yuan/mu compared with last year. Including land rent, the cost was 1700 yuan/mu. Calculated at 450 jin/mu (peanut kernels), the cost of peanut kernels in Jilin was 3.5 - 3.8 yuan/jin. Considering the impact of rainfall in Henan, the harvest cost increased, but the cost in the Northeast remained stable [48] 4. Fourth Part: Future Outlook and Strategy Recommendation - Due to continuous rainfall during the peanut harvest in Henan and other regions, there was partial production reduction in some areas, the harvest cost increased, and the peanut quality was poor. However, the national production was slightly higher than last year, the supply of oil - grade peanuts was sufficient, and oil mills had not made large - scale purchases, so the peanut spot price in Henan dropped significantly. In November, a large number of peanuts will still be on the market. Oil mills have profit, the operating rate will increase, and the peanut import volume is expected to remain low. It is expected that oil mills will make large - scale purchases. The decline space of peanut prices in November is limited, and the price difference between oil - grade peanuts and general peanuts will widen. The 01 peanut futures will fluctuate between 7700 - 8000 yuan/ton at the bottom, and the 05 peanut futures will fluctuate between 7800 - 8200 yuan/ton at the bottom [52] - Trading Strategy: The production of new - season peanuts is higher than last year, and the planting cost has decreased. The peanut price in Henan has dropped significantly, but oil mills already have profit, and the peanut inventory in oil mills is low. It is expected that oil mills will make large - scale purchases, and the decline space of peanut prices is limited. However, the peanut oil inventory is still high, and the downstream demand is still weak, so the rebound space of peanuts is also limited. The 01 peanut futures are expected to have support at around 7600 yuan/ton, and the 05 peanut futures have support at 7700 yuan/ton. Operationally, short - term long the 01 and 05 peanut futures at the bottom. For arbitrage, wait and see. After the peanut futures price drops, sell the pk601 - P - 7600 option [52]

Core Insights - The company reported a revenue of 301,821,864.79 yuan for the third quarter of 2025, representing a year-on-year decline of 31.20% [1] - The net profit attributable to shareholders of the listed company was 47,053,516.87 yuan, showing a year-on-year increase of 60.19% [1] Financial Performance - Revenue for Q3 2025: 301.82 million yuan, down 31.20% year-on-year [1] - Net profit for Q3 2025: 47.05 million yuan, up 60.19% year-on-year [1]