1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Soft Commodity Sector: Crude oil's strength boosts raw sugar sentiment. Zheng sugar's rebound may face pressure due to increased industrial hedging. For paper pulp, supply remains high, and terminal demand improvement is limited, so the rebound height may be restricted. Double - offset paper has limited demand improvement in the peak season and supply pressure, with limited cost support. Cotton prices are affected by Sino - US trade news and may fluctuate in a range. - Fresh Fruit and Vegetable Sector: New - season apples have small fruit sizes and low premium fruit rates, supporting far - month contracts. Red dates' prices are recommended for short - selling for aggressive investors and anti - spread strategies for cautious investors [3][4][5][7][8]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations - **Fresh Fruit Futures**: For Apple 2605, a bullish view is recommended due to small fruit sizes and low premium fruit rates, with a support range of 7900 - 8000 and a pressure range of 9500 - 9600. For Red Dates 2601, short - selling at high prices is advised, with a support range of 10500 - 11000 and a pressure range of 11500 - 12000 [18]. - **Soft Commodity Futures**: Sugar 2601 suggests range - bound operations with a support range of 5350 - 5370 and a pressure range of 5470 - 5500. Pulp 2601 is recommended for range - bound short positions, with a support range of 4900 - 4900 and a pressure range of 5200 - 5300. Double - offset paper 2601 recommends short - selling on rebounds, with a support range of 4100 - 4200 and a pressure range of 4400 - 4500. Cotton 2601 advises holding short positions cautiously, with a support range of 12800 - 13000 and a pressure range of 13600 - 13700 [18]. 3.2 Second Part: Market News Changes - **Apple Market**: In September 2025, fresh apple exports were about 70,800 tons, up 3.50% month - on - month and down 6.32% year - on - year. In the spot market, prices in different regions showed different trends. Shandong's acquisition price was higher than last year, while Shaanxi's price was stable at a high level. Sales in the distribution areas were stable [19]. - **Red Dates Market**: The physical inventory of 36 sample points was 9167 tons, down 36 tons from last week, a 0.39% month - on - month decrease and a 93.89% year - on - year increase. Attention is paid to the circulation of old - season goods and price changes before the new - season harvest [22]. - **Sugar Market**: The sugar mills in the border area of Karnataka and Maharashtra in India started the crushing season. Datagro predicts that Brazil's 2025/26 sugar production will be about 41.42 million tons, a 3.1% increase from the previous season. In September 2025, China's refined sugar production was 539,000 tons, a 35.4% year - on - year increase [23]. - **Pulp Market**: Chinese traders counter - offered imported NBSK at $650/ton, but sellers refused. Canadian and Nordic NBSK prices remained at $680 - 700/ton. A major Brazilian supplier will raise the price of South American bleached hardwood pulp to Asian markets by $20/ton [26]. - **Double - offset Paper Market**: In different markets such as Shandong, Guangdong, Beijing, and Tianjin, the mainstream transaction prices of double - offset paper were stable. Supply was relatively loose, and demand showed no sign of improvement [27]. - **Cotton Market**: By early October 2025, Australia's cotton processing was about 95% complete, and the inspection progress was about 90%. In September 2025, China's cotton yarn exports were 19,400 tons, a 32.5% year - on - year increase and a 0.8% month - on - month increase. China will hold economic and trade consultations with the US in Malaysia from October 24th to 27th [30]. 3.3 Third Part: Market Review - **Futures Market Review**: Apple 2601 closed at 8830, up 36 (0.41%); Red Dates 2601 closed at 11165, down 100 (- 0.89%); Sugar 2601 closed at 5457, up 31 (0.57%); Pulp 2511 closed at 4862, up 8 (0.16%); Cotton 2601 closed at 13575, up 40 (0.30%) [31]. - **Spot Market Review**: The spot prices of various commodities showed different changes. For example, the apple price was 3.75 yuan/jin, the red date price was 9.40 yuan/kg, and the sugar price was 5750 yuan/ton [37]. 3.4 Fourth Part: Basis Situation No specific summarized content, only relevant charts are mentioned. 3.5 Fifth Part: Inter - month Spread Situation - Apple's 1 - 5 spread is - 513, with a month - on - month decrease of 54 and a year - on - year decrease of 123, predicted to decline in a volatile manner, and short - selling at high prices is recommended. - Red dates' 9 - 1 spread is 50, with a month - on - month increase of 125 and a year - on - year decrease of 350, predicted to fluctuate in a range, and it is recommended to wait and see. - Sugar's 1 - 5 spread is 49, with a month - on - month increase of 6 and a year - on - year increase of 28, predicted to fluctuate in a range, and it is recommended to wait and see. - Cotton's 1 - 5 spread is - 25, with a month - on - month increase of 15 and a year - on - year increase of 60, predicted to fluctuate in a range, and short - selling at high prices is recommended [56]. 3.6 Sixth Part: Futures Positioning Situation No specific summarized content, only relevant charts about the top 20 long and short positions, trading volume, and net long/short changes of each commodity are mentioned. 3.7 Seventh Part: Futures Warehouse Receipt Situation - Apple has 0 warehouse receipts, with no month - on - month or year - on - year changes. - Red dates have 0 warehouse receipts, with no month - on - month or year - on - year changes. - Sugar has 8196 warehouse receipts, a month - on - month decrease of 117 and a year - on - year decrease of 1460. - Pulp has 226002 warehouse receipts, a month - on - month decrease of 267 and a year - on - year decrease of 164284. - Cotton has 2526 warehouse receipts, a month - on - month decrease of 39 and a year - on - year decrease of 1089 [81]. 3.8 Eighth Part: Options - related Data No specific summarized content, only relevant charts about option trading volume, open interest, put - call ratios, and historical volatility of apples, sugar, and cotton are mentioned.

Core Insights - The monitoring of market prices for 50 important production materials across nine categories shows a mixed trend, with 17 products experiencing price increases, 30 seeing declines, and 3 remaining stable in mid-October 2025 compared to late September 2025 [2][3]. Group 1: Price Changes in Major Categories - In the black metal category, significant price declines were observed, with rebar (Φ20mm, HRB400E) dropping by 73.6 yuan to 3110.5 yuan per ton, a decrease of 2.3% [4]. - The non-ferrous metals category saw an increase in electrolytic copper (1), which rose by 4220.0 yuan to 85430.0 yuan per ton, marking a 5.2% increase [4]. - Chemical products experienced varied changes, with sulfuric acid (98%) increasing by 10.1 yuan to 654.7 yuan per ton, a rise of 1.6%, while pure benzene (industrial grade) fell by 290.0 yuan to 5589.3 yuan per ton, a decrease of 4.9% [4]. Group 2: Specific Product Price Movements - In the petroleum and natural gas sector, liquefied petroleum gas (LPG) decreased by 113.8 yuan to 4370.9 yuan per ton, a decline of 2.5% [4]. - The coal category showed mixed results, with anthracite coal (washed lump) falling by 43.0 yuan to 874.0 yuan per ton, a decrease of 4.7%, while Shanxi mixed coal (5000 kcal) increased by 18.4 yuan to 635.3 yuan per ton, a rise of 3.0% [4]. - Agricultural products also displayed fluctuations, with yellow corn (second grade) dropping by 145.7 yuan to 2154.3 yuan per ton, a decrease of 6.3%, while soybean meal (with crude protein content ≥43%) increased slightly by 6.0 yuan to 2972.0 yuan per ton, a rise of 0.2% [5]. Group 3: Monitoring Methodology and Scope - The monitoring encompasses a wide range of products, covering 31 provinces and over 300 trading markets, involving nearly 2000 wholesalers, agents, and distributors [8]. - The price monitoring methods include on-site price collection, telephone inquiries, and electronic communications [9]. - The report indicates that the price changes reflect wholesale and sales prices, which include circulation costs, profits, and taxes, differentiating them from factory prices [6].

北京商报讯（记者 郭秀娟 王悦彤） 10月23日，双塔食品发布2025年三季度报告。公司第三季度实现营 业收入4.69亿元，同比下降33.66%；归母净利润为-1991.88万元。前三季度实现营业收入15.16亿元，同 比下降10.45%；归母净利润为3444.47万元，同比下降45.27%。 ...

Group 1 - Company reported Q3 performance with revenue of approximately 13.262 billion yuan, a year-on-year decrease of 12.31% [1] - Net profit attributable to shareholders was approximately 79.19 million yuan, a year-on-year increase of 724.42% [1] - Basic earnings per share increased to 0.0427 yuan, reflecting a year-on-year growth of 721.15% [1] Group 2 - As of the report, the market capitalization of the company is 11.6 billion yuan [2]

Group 1 - The core point of the article is that COFCO Technology (SZ 000930) announced a temporary board meeting on October 23, 2025, to review the mid-term adjustments to the 2025 investment plan [1] - For the first half of 2025, COFCO Technology's revenue composition was 98.33% from agricultural product processing and sales, with other businesses accounting for 1.67% [1] - As of the report, COFCO Technology has a market capitalization of 11.6 billion yuan [1]

Core Insights - COFCO Technology reported a revenue of 4.449 billion yuan for Q3 2025, a year-on-year decrease of 14.65% [1] - The net profit attributable to shareholders was a loss of 28.0606 million yuan, compared to a loss of 51.887 million yuan in the same period last year [1] - Basic earnings per share were -0.0151 yuan for Q3 2025 [1] Financial Performance - For the first three quarters, COFCO Technology achieved a revenue of 13.262 billion yuan, down 12.31% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 79.186 million yuan, a significant increase of 724.42% compared to a net profit of 9.605 million yuan in the same period last year [1] - Basic earnings per share for the first three quarters were 0.0427 yuan [1]

Core Insights - The average spot price of imported rapeseed oil in China on October 23 is reported at 10,167.50 CNY/ton, which is a premium of 410.5 CNY/ton over the futures main contract price of 9,757.00 CNY/ton [1] Price Overview - The current market prices for grade three rapeseed oil in various regions are as follows: - Xiamen, Fujian: 10,030 CNY/ton - Liu'an, Anhui: 9,930 CNY/ton - Dongguan, Guangdong: 10,090 CNY/ton - Hefei, Anhui: 9,950 CNY/ton - Fangcheng, Guangxi: 10,130 CNY/ton - The futures market closed at 9,757.00 CNY/ton with a decline of 0.83%, reaching a high of 9,837.00 CNY/ton and a low of 9,720.00 CNY/ton, with a trading volume of 216,709 contracts [2] Market Dynamics - As of October 23, the number of rapeseed oil futures warehouse receipts stands at 7,840, unchanged from the previous trading day - Coastal oil mills' rapeseed meal delivery volume as of October 17 is 0.97 million tons, down by 0.12 million tons from the previous week and significantly lower by 5.19 million tons compared to the same period last year, maintaining a three-year low [3] Analytical Insights - According to a report from Foresight Zhongqi Futures, recent diplomatic visits from Canada have raised market concerns regarding potential discussions on Canada's rapeseed import control policies, leading to cautious market sentiment that suppresses rapeseed oil futures prices - Current media reports indicate no substantial improvements in Canadian rapeseed policies following the talks, with market expectations primarily influenced by sentiment - The spot market shows a slight increase in basis quotes, diverging from futures trends, while domestic rapeseed arrivals in October and November are limited, keeping oil mill inventories and operating rates low, resulting in continued depletion of rapeseed oil stocks and strong price support from enterprises - The rapeseed oil basis remains stable, with a stalemate between bullish and bearish market forces, and futures prices are expected to continue fluctuating [4]

渔歌悦耳、擂茶 润心，汕尾"山 海交响"惊艳深 圳食博会_南方 +_南方plus 在2025全球高端 食品及优质农产 品（深圳）博览 会（下称"深圳 食博会"）上， 汕尾展团何以备 受青睐，火成全 场"顶流"？ "圈粉"的密码， 并不止于美食的 方寸展台。他们 以美食为媒介， 以文化为内核， 带来了一场视听 与味觉交织的沉 浸式盛宴。 悠扬的渔歌回荡 在展会现场，擂 茶的清香弥漫于 众人之间，汕 尾，这座"山海 湖城"，正用它 最独特的方式， 向世界发出深情 的邀请。 渔歌悠扬 海风送来千年古 韵 "来唱一条，闹 （啊）闹猜猜 （咧），渔船对 对返港来。" 一声清越而古朴 的唱腔，如海风 穿堂，瞬间攫住 了所有在场者的 耳朵。在汕尾展 区的中心舞台， 几位身着传统疍 家服饰的表演者 翩然登场。女子 头戴精致的渔女 斗笠，孩童身着 靛蓝布衫，他们 仿佛将整片海湾 的波浪与霞光都 带到了现场。 渔民对大海的敬 畏与劳动的赞 美。悠扬欢快的 渔歌旋律，与展 厅的蚝干、海 胆、鱼丸等汕尾 海产品，共同构 建出声临其境 的"海上丰收 图" 。 汕尾渔歌队带来《丰收归航》，演绎渔民出海满载而归的喜悦。 擂茶飘香 客家乡情 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - **Soybean Oil**: China's soybean oil inventory is accumulating, but it is expected to stop increasing and decline in the fourth - quarter consumption season. The futures price center may move up slightly. It is recommended to hold long positions in the main contract, with support at 8150 - 8200 yuan/ton and resistance at 8400 - 8450 yuan/ton [1]. - **Rapeseed Oil**: The main contract of rapeseed oil is weak. Although the inventory is high, it is decreasing. The short - term price may fluctuate, and the long - term price is expected to strengthen. Aggressive investors can consider going long on the 01 contract on dips [1]. - **Palm Oil**: The price is affected by the decline in international crude oil prices, but the medium - to - long - term outlook is bullish. Aggressive strategies can consider holding long positions or buying out - of - the - money call options after stabilization [2]. - **Soybean Meal and Bean No.2**: The supply of soybean meal is abundant, and the consumption is in the off - season. The price is weak. It is recommended to short the main contract lightly or sell out - of - the - money call options. For arbitrage, consider going long on the 01 contract's bean oil - meal ratio [2]. - **Rapeseed Meal**: The market is in a situation of weak supply and demand. It is recommended to go long on the 01 contract's rapeseed oil - meal ratio [4]. - **Corn and Corn Starch**: The external market is in a game between harvest pressure and good exports. The domestic market is in a low - level oscillation. It is recommended to reduce short positions on dips [5]. - **Soybean No.1**: The new - season soybeans are on the market, and the high - quality ones are popular. It is recommended to exit long positions and wait and see [6]. - **Peanut**: The new - season peanuts are on the market, and the supply pressure exists. It is recommended to hold long positions for now [6]. - **Live Pig**: The spot price stops falling, and the futures price rebounds. It is recommended to wait for capacity reduction to be confirmed and then go long on the 2607 contract on dips [8]. - **Egg**: The futures price is at the bottom and oscillating. It is recommended for conservative investors to wait and see, and aggressive investors can go long on the 2512 contract on dips [8]. 3. Summary According to Relevant Catalogs 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis | Sector | Variety | Market Logic | Support | Resistance | Market Outlook | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 01 | New domestic soybeans are on the market, and downstream purchases are active. Low valuation. | 4000 - 4030 | 4100 - 4150 | Oscillatory adjustment | Exit long positions | | | Soybean No.2 11 | Weak reality collides with strong expectations. | 3500 - 3540 | 3675 - 3700 | Oscillatory adjustment | Wait and see | | | Peanut 11 | Increasing supply, poor yield in some areas of Henan. | 7500 - 7600 | 8020 - 8162 | Oscillatory adjustment | Wait and see | | Oils | Soybean Oil 01 | Stable fundamentals, affected by crude oil. Supply is sufficient, and the outlook for the fourth quarter is positive. | 8150 - 8200 | 8400 - 8450 | Oscillatory rise | Go long with a light position | | | Rapeseed Oil 01 | Import volume increased in September, but inventory in East China and coastal areas is decreasing. | 9800 - 9820 | 10220 - 10250 | Oscillatory adjustment | Go long after stabilization | | | Palm 01 | Production exceeds expectations, but inventory pressure is not large. Indonesia plans to promote B50. | 9230 - 9270 | 9650 - 9680 | Oscillatory adjustment | Go long after stabilization | | Protein | Soybean Meal 01 | Sufficient inventory, weak feed demand in the fourth quarter. Positive expectation lies in Sino - US trade friction. | 2800 - 2850 | 2960 - 2970 | Oscillatory adjustment | Hold short positions | | | Rapeseed Meal 01 | Inventory in coastal oil mills is decreasing, and market disturbances are mixed. | 2270 - 2300 | 2400 - 2430 | Oscillatory adjustment | Wait and see | | Energy and By - products | Corn 01 | After hitting a new low, sentiment is divided. Upside space is limited. | 2000 - 2020 | 2180 - 2200 | Bottom - level oscillation | Reduce short positions on dips | | | Starch 01 | Corn price is under pressure, and the spot is slightly loose. Upside support is insufficient. | 2340 - 2350 | 2500 - 2520 | Bottom - level oscillation | Reduce short positions on dips | | Livestock | Live Pig 01 | Feed price stops falling and rebounds, and the expectation of capacity reduction is strengthened. | 11800 - 12000 | 12500 - 12800 | Oscillatory bottom - seeking | Turn to waiting and seeing | | | Egg 12 | Capacity pressure and consumption peak - season expectation. | 2900 - 3100 | 3300 - 3350 | Oscillatory bottom - seeking | Wait and see | [11] 3.1.2 Commodity Arbitrage - **Inter - period Arbitrage**: For most varieties, it is recommended to wait and see, except for corn 5 - 1 (go long on dips) and live pig 1 - 3 (positive arbitrage on dips) [12]. - **Inter - variety Arbitrage**: For some oil - related and protein - related spreads, different strategies such as short - selling, long - buying, and waiting and seeing are recommended. For example, go long on the 01 contract's bean oil - meal ratio and rapeseed oil - meal ratio [12]. 3.1.3 Basis and Spot - Futures Strategy The table shows the spot prices, price changes, main contract basis, and basis changes of various varieties in different sectors such as oilseeds, oils, and proteins [13]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It provides the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping dates, including CNF prices, arrival - at - port duty - paid prices, etc. [15][16] - **Weekly Data**: Shows the inventory and operating rates of beans, rapeseeds, palm oil, and peanuts. For example, soybean port inventory is 729.97 (33.71), and the bean crushing operating rate is 58.00% (1.00%) [17] 3.2.2 Feed - **Daily Data**: Presents the import cost data of corn from Argentina and Brazil in different months [17]. - **Weekly Data**: Displays the consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises [18] 3.2.3 Livestock - **Daily Data**: Includes the spot prices, price changes, and relevant ratios of live pigs and eggs in different regions and at different times [19][20] - **Weekly Data**: Shows the weekly average prices, costs, profits, and other data of live pigs and eggs [21][23] 3.3 Third Part: Fundamental Tracking Charts It includes a large number of charts related to the livestock end (live pigs and eggs), oils and oilseeds (palm oil, soybean oil, peanuts), and feed end (corn, corn starch, rapeseeds, soybean meal), showing various data such as prices, inventories, operating rates, and spreads [24][33][54] 3.4 Fourth Part: Feed, Livestock, and Oil Options Situation It shows the historical volatility and trading volume of options of some varieties such as rapeseed meal, rapeseed oil, soybean oil, and palm oil [92] 3.5 Fifth Part: Feed, Livestock, and Oil Warehouse Receipt Situation It presents the warehouse receipt situations of various varieties such as rapeseed meal, rapeseed oil, soybean oil, and palm oil [100]

Core Insights - The 2025 Global High-end Food and Quality Agricultural Products Expo in Shenzhen has commenced, showcasing the unique flavors and agricultural products from the Shantou region, attracting significant attention from visitors and buyers [1][5]. Group 1: Event Overview - The Shantou exhibition group features nearly 50 enterprises, presenting a variety of local delicacies including seafood, sweet potatoes, and tea, which have captivated the taste buds of attendees [1][3]. - The Shantou exhibition area experienced a successful opening day, becoming a highlight of the expo with high visitor engagement and interest from potential buyers [1][3]. Group 2: Product Highlights - The Shantou Three Delicacies exhibition area showcased products such as dried oysters, sea urchins, and fish balls, which received positive feedback from attendees, indicating strong market interest [3][5]. - The introduction of live seafood, including grouper and sea urchins, at the expo marked a first for the Shantou exhibition group, emphasizing the quality and freshness of their products [5][7]. Group 3: Cultural Engagement - The exhibition also featured cultural experiences, such as hands-on activities for making traditional Hakka tea, which enhanced visitor engagement and interest in local customs [5][7]. - A tea ceremony performance highlighted the artistic aspects of Shantou's tea culture, further enriching the visitor experience and promoting local heritage [7][8]. Group 4: Business Opportunities - The expo facilitated direct interactions between suppliers and buyers, leading to multiple cooperation intentions across various product categories, including sweet potatoes and seafood [7][8]. - The Shantou Agricultural and Rural Affairs Bureau emphasized the importance of not only promoting high-quality agricultural products but also integrating them into mainstream sales channels in the Greater Bay Area [7][8].