Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes the market conditions of various financial derivatives and commodity futures, including stock index futures, treasury bond futures, precious metals, container shipping index, non - ferrous metals, black metals, and agricultural products. It provides market trends, influencing factors, and operation suggestions for each category [1][2][3]. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The A - share market showed a narrow - range shock on Tuesday, with major indexes mostly falling. The transportation sector was strong, while industrial and metal - related industries declined. The four major stock index futures contracts mostly followed the index down. The "14th Five - Year Plan" suggestions and overseas events influenced the market. It is recommended to try to lightly sell put options at the support level or construct a bull call spread [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures rose across the board. After the favorable news of buying and selling treasury bonds was realized, the bond market may enter a short - term shock stage. It is advisable to go long on dips and pay attention to the positive arbitrage strategy [5][7]. Precious Metals - The market risk preference continued to rise, and funds flowed out quickly. Gold and silver prices first declined sharply and then rebounded. In the medium - to - long term, precious metals are expected to enter a bull market, while in the short term, it is recommended to buy on dips after the price correction [8][9][10]. Container Shipping Index (European Line) - The spot freight rate quotes showed an upward trend. The futures market was volatile, and the market was cautiously bullish. It is recommended to go long on dips for the December contract [11][12]. Commodity Futures Non - Ferrous Metals - **Copper**: The copper price was at a high level. The supply of copper concentrate was tight, and the demand had strong resilience. The price was expected to be strong in the medium - to - long term, and it was recommended to pay attention to the marginal changes in demand and Sino - US tariffs [12][13][17]. - **Alumina**: The spot trading became more active, but the short - term oversupply situation was difficult to change. The price was expected to be under pressure in the short term, and it was necessary to pay attention to cost support and inventory changes [17][18][19]. - **Aluminum**: The aluminum price was at a high level and fluctuated. The macro environment was generally favorable, and the fundamentals were in a tight balance. It was expected to maintain a high - level shock in the short term [19][20][21]. - **Aluminum Alloy**: The price followed the aluminum price and fluctuated downward, and the spot price was firm. The cost support was obvious, and the supply - demand was in a tight balance. It was expected to be strongly volatile in the short term [21][22][23]. - **Zinc**: The zinc price strengthened slightly. The supply was expected to increase with limited amplitude, and the demand was stable. The zinc price was expected to fluctuate in the short term [23][24][26]. - **Tin**: The tin price was strongly supported by fundamentals and was expected to be strongly volatile. It was necessary to pay attention to macro changes and the supply recovery in Myanmar [27][28][30]. - **Nickel**: The nickel price fluctuated weakly. The macro environment put some pressure on it, and the inventory accumulation also had an impact. It was expected to fluctuate within a range [30][31][32]. - **Stainless Steel**: The stainless - steel price fluctuated weakly. The cost support was weak, and the fundamentals were generally weak. It was expected to adjust with a weak shock in the short term [33][34][35]. - **Lithium Carbonate**: The lithium carbonate price was strong. The supply - demand gap was expected to expand in October. The short - term price was expected to remain strong, and it was necessary to pay attention to demand sustainability and ore performance [36][37][39]. Black Metals - **Steel**: The steel price was supported by the Tangshan production limit. The demand was expected to be supported by policies in the fourth quarter, and the inventory was expected to decrease. It was recommended to hold long positions and pay attention to the previous high pressure [40][42]. - **Iron Ore**: The iron ore price continued to rebound. The supply and demand situation was complex, and it was recommended to go long on dips for the 2601 contract and conduct a 1 - 5 positive arbitrage [43][47][48]. - **Coking Coal**: The coking coal price was strong. The supply decreased, and the demand for replenishment recovered. It was recommended to go long on dips for the 2601 contract and conduct a long - coking - coal short - coke arbitrage [49][50][51]. - **Coke**: The second - round price increase of coke was officially implemented, and there was still an expectation of a price increase. It was recommended to go long on dips for the 2601 contract and conduct a long - coking - coal short - coke arbitrage [52][53][55]. Agricultural Products - **Meal**: The Sino - US relationship improved, and the cost of near - month soybeans was supported. The domestic soybean and soybean meal inventory was high, but the cost support was strong, and the soybean meal trend was expected to be strong [56][58][59]. - **Live Pigs**: The pig price was strong. The secondary fattening and the expected reduction in the supply at the end of the month supported the price. In the medium term, there was still an increase in the supply. It was advisable to wait and see before entering the reverse spread [60][61].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The report presents the price changes of various commodities on October 29, 2025, compared to October 28, 2025, including chemicals, agricultural products, and more. It also covers macro - economic news and provides trading strategies for different commodities and financial products based on their fundamentals and market trends [4]. - Macroeconomic news shows positive developments in China - ASEAN cooperation, potential progress in Sino - EU trade talks, and China's stance on financial opening - up and economic policies. The performance of the A - share market and international stock markets is also analyzed [7][8][20][21]. 3. Summary by Category 3.1 Commodity Price Changes - **Chemicals**: On October 29, 2025, among chemicals, glass had the highest increase rate of 1.348% (from 1,113.00 to 1,128.00), while crude oil had the largest decline rate of - 0.994% (from 462.70 to 458.10) [4]. - **Agricultural Products**: Among agricultural products, soybean meal had the highest increase rate of 0.538% (from 2,975.00 to 2,991.00), and palm oil had the largest decline rate of - 1.496% (from 8,958.00 to 8,824.00) [4]. 3.2 Macroeconomic News - China and ASEAN signed the FTA 3.0 upgrade protocol, expanding cooperation in emerging fields [7]. - There will be a Sino - EU talk on rare earths, and China hopes for dialogue to solve trade differences [7]. - China is committed to financial opening - up, and the central bank will implement a moderately loose monetary policy [7]. - The revised Network Security Law will take effect on January 1, 2026, and the Environmental Protection Tax Law will include volatile organic compounds in the tax scope [8]. - The number of overseas travelers for tax - free shopping and the tax - free amount in China have increased significantly this year [8]. - The 8th China International Import Expo will be held from November 5th to 10th, with an expanded scale [8]. - China's soybean area and output are expected to remain high, and the number of breeding sows has decreased [8]. - China's wholesale and retail industries have shown growth in the first three quarters [8]. - The 2025 Hurun Rich List was announced, with Zhong Shanshan becoming the richest man in China [9]. 3.3 Commodity Trading Strategies - **Agricultural Products** - **Peanuts**: The price is expected to fluctuate between 7700 - 7900, and it is recommended to wait and see [13]. - **Sugar**: Consider selling call options at high prices, with a support level at 5450 yuan/ton [13]. - **Corn**: Observe the support in the 2100 - 2120 range [14]. - **Pigs**: The near - term futures are expected to be strong, and the long - term futures will remain weak [14]. - **Eggs**: Short - sell on the futures and conduct inter - month reverse arbitrage [16]. - **Cotton**: Wait and see, and consider going long if it breaks through 13600 yuan/ton [16]. - **Energy and Chemicals** - **Urea**: The UR2601 contract is expected to operate in the 1580 - 1670 yuan/ton range [16]. - **Caustic Soda**: The 2601 contract is under pressure [16]. - **Coking Coal and Coke**: They are expected to remain strong, with coking coal facing pressure around 1300 and coke around 1800 [16]. - **Industrial Metals** - **Copper and Aluminum**: Prices are expected to remain high, but beware of macro - risks [17]. - **Alumina**: The 2601 contract is operating at a low level [17]. - **Steel Products**: Steel prices are expected to fluctuate strongly, with rebar facing pressure around 3200 and hot - rolled coils around 3400 [17]. - **Ferroalloys**: They will maintain a wide - range fluctuating follow - up trend, and the industrial rebound hedging idea remains unchanged [19]. - **Lithium Carbonate**: Adopt a bullish strategy, with a support level at 80000 and a pressure level at 84000 [19]. - **Options and Finance** - **Stock Index Futures**: Trend investors can focus on inter - variety spread arbitrage opportunities, and volatility investors can consider buying straddles or wide straddles after the HO volatility decline [19]. - **Stock Index**: Although the Shanghai Composite Index broke through 4000 points, there is still a need for consolidation. Pay attention to the performance of the third - quarter reports of listed companies [20][21].

□ 本报记者张宣实习生卢欣怡 食材"保鲜"是一场持久战，而干燥科学就是一位能"抽走水分、锁住营养"的魔法大师。近日，在由江苏 省农业科学院与国际干燥科学与技术研究会主办的第二届国际干燥科学与技术研究会年会上，干燥科学 技术展现"新魔法"，让普通果蔬摇身变成高价值的"黄金产品"。 干燥是农产品流通保存的重要手段之一，目前常用的干燥技术有热风干燥、微波干燥和红外干燥。然 而，传统的风干技术耗时久，热风干燥易破坏花青素、胡萝卜素等活性物质，单一冷冻干燥虽能保留营 养，却需持续运行30小时以上，能耗成本居高不下。针对这些问题，江苏省农业科学院农产品加工研究 所研发了"多物理场组合干燥技术"，将冻干与压差膨化、热风与微波等技术结合，不仅将干燥时间缩短 50%，还能使果蔬活性物质保留率达85%以上，一定程度突破了传统技术瓶颈。 "果蔬干燥产品为了保障健康和口感，需经过不少加工步骤。前期我们会进行浸渍处理以优化口感，用 超声技术加快干燥脱水速度；加工过程中会根据不同果蔬的干燥特性，采用不同脱水方式。"研究所副 所长、果蔬加工与营养健康创新团队首席专家李大婧介绍。 目前，该技术已实现产业化应用，且通过技术改造，部分农产品附加 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [7][24]. Core Views - The company has shown a year-on-year increase in net profit for Q3, benefiting from a decrease in pork costs. The total revenue for Q1-Q3 2025 increased by 1.23% to 446.53 billion yuan, with net profit rising by 4.05% to 39.59 billion yuan. The total external sales volume of meat products reached 2.4885 million tons, a year-on-year increase of 5.92% [2][10]. - The company is implementing a professional sales team reform to enhance market operations and plans to increase market support in the second half of the year, focusing on promoting high-cost performance products [2][4]. - The company is expanding into the prepared food sector, having established a dedicated team for product development, which is expected to contribute positively to performance [4][24]. Summary by Sections Financial Performance - For Q1-Q3 2025, the gross margin decreased by 0.05 percentage points to 18.18%, while the net margin increased by 0.22 percentage points to 8.99%. The sales expense ratio rose by 0.24 percentage points to 3.51%, while management and R&D expense ratios decreased by 0.11 percentage points to 2.42% [3][21]. - The operating cash flow for Q1-Q3 2025 decreased by 13.3% to 5.995 billion yuan, accounting for 13.47% of total revenue [23]. Revenue and Profit Forecast - The company forecasts net profits of 5.305 billion yuan, 5.606 billion yuan, and 5.878 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16.4, 15.5, and 14.8 [5][24]. - Revenue is expected to grow slightly, with projections of 60.304 billion yuan for 2025, 61.409 billion yuan for 2026, and 62.264 billion yuan for 2027 [5][27]. Market Position and Strategy - The company is recognized as a leader in the domestic slaughtering industry and maintains a high cash dividend policy. The focus on high-cost performance products and the expansion into new business areas like prepared foods are expected to enhance profitability [4][24].

Core Viewpoint - The company and its wholly-owned subsidiary, Xinjiang Zhongji Red Tomato Industry Co., Ltd., have received a pre-restructuring notice from the court, indicating the initiation of pre-restructuring proceedings [1] Group 1 - The company has been notified by the Sixth Division Intermediate People's Court of Xinjiang Production and Construction Corps regarding the commencement of pre-restructuring for both the company and its subsidiary [1] - A temporary management team has been appointed to oversee the pre-restructuring process [1] - On October 27, the company received a notice extending the pre-restructuring period by three months, now set to conclude on January 28, 2026 [1]

Group 1 - The stock price of Agricultural Products (000061.SZ) closed at 8.40 yuan, with a decline of 8.00% [1] - CITIC Construction Investment Securities researcher Liu Le-wen released a report on October 28, maintaining a "buy" rating for Agricultural Products [1] - The report highlights that the private placement issuance will support regional layout [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's main business is experiencing a turnaround, with profit elasticity being released. The revenue for Q1-Q3 2025 was 5.05 billion yuan, a year-on-year decrease of 3.4%, while the net profit attributable to the parent company showed significant growth, with figures of 304 million yuan and 256 million yuan, reflecting year-on-year increases of 385.3% and 1659% respectively. The Q3 2025 single-quarter revenue was 1.39 billion yuan, down 19.9% year-on-year, but the net profit turned positive [4][5] - The profit forecast for 2025-2027 has been revised upwards due to improved profitability in the plant extraction and cottonseed businesses, with expected net profits of 395 million yuan, 449 million yuan, and 537 million yuan respectively [4][5] Financial Performance Summary - For Q1-Q3 2025, the plant extraction business generated revenue of 2.499 billion yuan, a year-on-year increase of 7.35%, with a gross margin of 20.86%, up 4.91 percentage points. The cottonseed business had revenue of 2.353 billion yuan, a year-on-year decrease of 10.54%, but the gross margin improved by 8.05 percentage points [5][6] - The gross margin for Q3 2025 increased by 10.56 percentage points year-on-year, contributing to a significant improvement in profitability. The net profit margin for Q3 2025 increased by 8.54 percentage points year-on-year [6] Business Outlook - The core business is expected to continue improving, with the gross margin anticipated to sustain its upward trend in 2026. The market share for the company's chili red pigment and chili extract is increasing, and with the supply of upstream lutein raw materials decreasing, both market share and processing profits for lutein are expected to improve [7]

Core Insights - The agricultural processing sector experienced a decline of 0.63% on October 28, with Daodaoquan leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Agricultural Processing Sector Performance - Notable gainers in the sector included: - San Siji (600191) with a closing price of 7.94, up 3.12% and a trading volume of 94,700 shares, totaling a transaction value of 74.62 million [1] - Guangnong Sugar Industry (000911) closed at 7.90, up 2.46% with a trading volume of 122,300 shares, totaling 95.49 million [1] - Andeli (605198) closed at 45.95, up 1.98% with a trading volume of 18,700 shares, totaling 85.49 million [1] - Conversely, Daodaoquan (002852) saw a significant decline of 6.32%, closing at 10.68 with a trading volume of 253,200 shares, resulting in a transaction value of 272 million [2] - Other notable decliners included: - Zuming Co. (003030) down 3.55% to 20.35 with a trading volume of 70,700 shares [2] - Chuangguo Biological (300138) down 2.80% to 13.52 with a trading volume of 133,900 shares [2] Capital Flow Analysis - The agricultural processing sector experienced a net outflow of 108 million in main funds, while retail investors saw a net inflow of 12.76 million [2] - Speculative funds recorded a net inflow of 95.71 million [2]

Core Insights - The hawthorn industry in Wenxi County, Shanxi Province, has developed into a significant economic driver, generating an annual output value of 560 million yuan, benefiting local farmers and enhancing their livelihoods [1][5]. Industry Development - The hawthorn industry has evolved from low-value sales to a robust sector with 16 deep processing enterprises, leading to an average annual income increase of over 5,000 yuan for more than 10,000 fruit farmers [3][5]. - The local government has supported the industry through land coordination and tax incentives, facilitating its rapid upgrade and expansion [3]. Economic Impact - The deep processing of hawthorn has created over 6,000 jobs for the rural labor force, allowing for local employment opportunities [3]. - Farmers receive a higher price for hawthorn, with processing companies offering 0.1 to 0.2 yuan more per pound than market prices, ensuring stable income for growers [3]. Future Plans - Future initiatives include establishing an e-commerce center to promote "Wenxi Hawthorn" nationwide through live streaming sales, indicating a focus on further industry growth and farmer prosperity [4].

Core Insights - The "Honghu lotus root" brand has gained recognition, with the industry achieving a comprehensive output value of 9 billion yuan in 2024, supported by 220,000 acres of cultivation and an annual production of nearly 300,000 tons [1] - Postal Savings Bank of China is actively supporting the Honghu lotus root industry through various financial products, enhancing the entire industry chain from production to e-commerce [1] Group 1: Industry Overview - The lotus root industry in Honghu City has a long-standing cultivation area of 220,000 acres and an annual output of nearly 300,000 tons, with a projected comprehensive output value of 9 billion yuan in 2024 [1] - The "Honghu lotus root" has been recognized as a national geographical indication product and included in the Ministry of Agriculture and Rural Affairs' premium agricultural brand cultivation plan [1] Group 2: Financial Support and Impact - The "Industry Loan" program has significantly aided local entrepreneurs like Hong Xiaojun, who expanded his lotus root farming from 400 acres to 10,000 acres, achieving an annual output value exceeding 100 million yuan [2] - The "Speedy Loan" product has enabled businesses like Hong Bin Lotus Industry to modernize their production lines, increasing efficiency and revenue, with a notable example being a 36 million yuan loan that facilitated the activation of an intelligent sorting line [3] - The "Innovation Credit Loan" has empowered companies like Hubei Huagui Food Co. to undergo digital transformation, with an 8 million yuan loan facilitating the integration of IoT monitoring, blockchain traceability, and big data analytics across the entire industry chain [4] - As of August 2025, Postal Savings Bank has disbursed a total of 783 million yuan in loans to the lotus root industry, demonstrating a commitment to supporting the sector's growth through tailored financial services [4]