Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Palm oil has limited rebound height, and attention should be paid to the inventory reduction process in the producing areas [1]. - Soybean oil has no breakthrough driving force and mainly fluctuates within a range [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: Palm oil主力 closed at 8,852 yuan/ton (up 1.65% during the day, down 0.66% at night), soybean oil主力 at 8,356 yuan/ton (up 0.43% during the day, up 0.05% at night), and rapeseed oil主力 at 9,813 yuan/ton (down 0.62% during the day, down 0.37% at night). The Malaysian palm oil主力 closed at 4,226 ringgit/ton (up 0.38% during the day, down 0.99% at night), and CBOT soybean oil主力 at 51.45 cents/pound (down 2.00%) [1]. - **Trading Volume and Open Interest**: Palm oil主力 had a trading volume of 822,062 lots (an increase of 349,773 lots) and an open interest of 380,300 lots (a decrease of 40,243 lots). Soybean oil主力 had a trading volume of 375,221 lots (an increase of 118,519 lots) and an open interest of 462,799 lots (an increase of 134 lots). Rapeseed oil主力 had a trading volume of 311,645 lots (an increase of 96,313 lots) and an open interest of 243,297 lots (a decrease of 7,957 lots) [1]. - **Spot Prices**: Palm oil (24 degrees) in Guangdong was priced at 8,740 yuan/ton (an increase of 120 yuan/ton), first - grade soybean oil in Guangdong at 8,720 yuan/ton (an increase of 50 yuan/ton), and fourth - grade imported rapeseed oil in Guangxi at 10,240 yuan/ton (a decrease of 100 yuan/ton). The FOB price of Malaysian palm oil was 1,055 dollars/ton (an increase of 10 dollars/ton) [1]. - **Basis and Spreads**: The basis of palm oil in Guangdong was - 112 yuan/ton, soybean oil in Guangdong was 364 yuan/ton, and rapeseed oil in Guangxi was 427 yuan/ton. The spread between rapeseed oil and palm oil futures主力 was 1,279 yuan/ton, between soybean oil and palm oil futures主力 was - 496 yuan/ton [1]. 3.2 Macro and Industry News - **Malaysian Palm Oil**: Sarawak Oil Palms Berhad aims to maximize the output of its existing plantations. Sarawak has 1.62 million hectares of oil palm plantations, accounting for 29% of Malaysia's total, but its output only accounts for 21.6% of Malaysia's palm oil output. The company's CEO expects a 5% year - on - year increase in output this year, with last year's total output at 1.25 million tons [2][3]. - **US Crop Planting**: S&P Global Energy predicts that the US corn planting area in 2026 will be reduced by 3.8% (3.7 million acres) compared to 2025, while the soybean planting area will increase by 4% (3.4 million acres) [3]. - **US Soybean Exports**: On November 19, private exporters reported the sale of 330,000 tons of soybeans to China for shipment in the 2025/2026 market year [3]. - **Brazilian Soybeans**: Due to irregular rainfall, Safras & Mercado estimates Brazil's 2025/26 soybean output at 178.76 million tons, a reduction of over 2 million tons from the September forecast. However, it will still reach a record high, a 4% increase from the previous year. The soybean planting area is expected to increase by 1.4% to 48.31 million hectares. Anec expects Brazil's soybean exports in November to reach 4.71 million tons and soybean meal exports to reach 2.68 million tons [4]. - **Argentine Soybeans**: As of the week of November 12, Argentine farmers sold 533,500 tons of 2024/2025 soybeans, with cumulative sales reaching 39.3662 million tons, and 41,900 tons of 2025/2026 soybeans, with cumulative sales reaching 4.2166 million tons [5]. 3.3 Trend Intensity - The trend intensity of palm oil and soybean oil is - 1, indicating a relatively bearish outlook [6].

Core Viewpoint - The article highlights the transformation of Ninghua County's millet industry into a key pillar for rural revitalization, driven by improved seed varieties, technological innovations, and value chain enhancements [2][5][6]. Group 1: Agricultural Innovations - Ninghua County has established a large-scale millet planting base, focusing on variety improvement and technological advancements to reduce costs and enhance value [2]. - The introduction of new millet varieties, such as "Cuiyi No. 1" and "Cuiyi No. 2," has significantly increased yields, with average production exceeding 320 kg per mu, representing a more than 30% increase compared to traditional varieties [5][6]. - The county has adopted water-saving cultivation techniques, which have led to labor reduction, water conservation, and increased production efficiency [6]. Group 2: Economic Impact - The average income per mu has increased by over 900 yuan due to improved millet varieties and mechanized farming practices [5]. - By 2025, the expected output value per mu is projected to reach 3,500 yuan, which is 2.3 times that of rice, potentially increasing per capita income for farmers by 4,200 yuan [7]. - The development of over 20 deep-processing products, including millet wine and tea, has enhanced market recognition and expanded sales to provinces such as Guangdong, Zhejiang, and Shanghai [6][7].

累计前10个月，越南出口木薯及木薯制品逾334万吨，突破10亿美元，数量和金额同比分别增长 59.8%和8.5%。其中对中国出口316万吨木薯，9.6274亿美元，同比分别增长63.8%和10.3%。 （原标题：前10个月越南木薯出口大幅增长，中国市场占九成多） 越南《越南经济》11月18日报道，据越南海关统计，2025年10月，越南出口木薯及木薯制品26万 吨，8853万美元，出口数量和出口金额同比分别增长47.6%和16.3%。中国仍为越南木薯出口的主要市 场，占越南木薯出口总量的92.5%以上，逾24万吨，价值8130万美元，同比分别增长45.6%和15.8%。 ...

Core Insights - The article highlights the transformation of Jining's Jinxiang County, known as "China's Garlic Town," into a thriving agricultural and industrial hub, leveraging the garlic industry for rural revitalization and shared prosperity [1][5]. Group 1: Industry Development - Jinxiang County has transitioned from traditional garlic farming to a diversified industrial cluster, with 116 enterprises related to the garlic industry established in Cuikou Village [1][2]. - The area has developed a comprehensive industrial chain encompassing planting, purchasing, cold storage, processing, and export, supported by high-end research institutions and over 50 skilled professionals [1][2]. Group 2: Economic Impact - Cuikou Village's collective annual income has reached 5.6 million RMB, with at least 30% returned to villagers, resulting in an average annual income of 60,000 RMB per villager [2]. - The garlic storage business has proven to be more lucrative than traditional farming, with storage prices around 300 RMB per ton and a typical storage period of over six months [2]. Group 3: Technological Integration - The "Garlic Easy Pass" digital agriculture platform by Zhongsu Group utilizes big data and IoT technologies for intelligent management of the garlic industry, aiming to improve market transparency and pricing [5]. - The region is also focusing on the full utilization of garlic, with a 100% utilization rate leading to the development of various deep-processing products and organic feed from garlic stalks [5][7]. Group 4: Market Expansion - Jinxiang County cultivates garlic on 600,000 acres, influencing over 2 million acres in surrounding areas, with garlic yielding 4,000 RMB more per acre compared to crops like wheat [7]. - The local company, Shandong Xinnuo Food Technology Co., has innovated with a "0 additive fresh garlic paste" technology, filling a gap in the domestic high-end health sauce market and exporting products to over 30 countries [7].

Core Viewpoint - The article highlights the upcoming 8th Rural Food (Sweet Potato) Tourism Season in Yunfu City, Yuncheng District, emphasizing the significance of sweet potatoes as a local agricultural product and their role in rural tourism development [1][25]. Group 1: Sweet Potato as a Key Agricultural Product - Sweet potatoes have transformed from a staple food to a delicacy that warms the winter, showcasing local culinary traditions [9][10]. - Yunfu City, particularly Yuncheng District, has developed a complete industrial chain for sweet potatoes, with a planting area of 23,000 acres and over 20 cooperative societies, providing employment for more than 2,000 villagers [20][21]. - The region's sweet potatoes are characterized by unique varieties such as "Qianfeng Sweet Potato" and "Futian Sweet Potato," which are well-suited to the local climate and soil conditions [18][19]. Group 2: Tourism and Economic Impact - The 8th Rural Food (Sweet Potato) Tourism Season will take place from December 5, 2025, to March 5, 2026, featuring various activities that celebrate local culture and agriculture [26][27]. - Previous events attracted significant attendance, with traffic reaching 138,000 vehicles and total visitor numbers hitting 418,000, leading to a substantial increase in agricultural product sales [41][42]. - The integration of agriculture and tourism has enhanced the region's appeal, creating a vibrant rural economy and improving the quality of life for local residents [39][40]. Group 3: Community and Cultural Engagement - The upcoming event will include competitions, cultural performances, and exhibitions, fostering community engagement and showcasing local heritage [30][33]. - The "Yun City Village Bowl" event will allow attendees to experience local cuisine while enjoying cultural performances, enhancing the festive atmosphere [38]. - The ongoing "Hundred Million Project" has significantly contributed to rural revitalization, improving infrastructure and promoting sustainable agricultural practices [44][45][52].

Core Points - The 20th Central Committee's Fourth Plenary Session emphasizes accelerating agricultural and rural modernization and promoting comprehensive rural revitalization [1] Group 1: Guizhou's Rural Development - Guizhou is leveraging its unique cultural tourism resources to stimulate rural development, with Huanggang Village receiving the title of "Best Tourism Village" by the UN in 2025 [2] - Since the 14th Five-Year Plan, Huanggang Village has attracted nearly 100,000 visitors annually by revitalizing old buildings and promoting e-commerce in rural industries [2] - Guizhou has constructed over 12,000 kilometers of rural roads to connect ethnic villages, identifying 560 key rural tourism villages [2] Group 2: Anhui's Integration into the Yangtze River Delta - Anhui's pear planting base in Dezhou has been designated as a major supply base for Shanghai, enhancing its market reach [3] - The province aims to integrate into the Yangtze River Delta, establishing itself as a key supplier of agricultural products, including rice, vegetables, and fruits [3] - Anhui is focusing on improving agricultural production capacity and developing high-quality agricultural resources in line with the Fourth Plenary Session's spirit [3]

Group 1 - Guangyang Town in Fangcheng County, Henan Province, is recognized as a top ten oilseed production town and "China's Hometown of Quality Peanuts," with over 65,000 acres dedicated to peanut cultivation, contributing to local agricultural income [1] - The town produces over 26 million kilograms of high-quality peanuts annually, and to address seasonal funding shortages for major peanut producers, local financial institutions have introduced a "Peanut Loan" product, providing 110 million yuan in funding to over 500 farmers this year [1] Group 2 - To overcome the challenge of promoting high-quality peanuts, local entrepreneur Bao Jinhui has leveraged digital opportunities by initiating live-streaming sales, showcasing fresh peanuts directly from the fields, which has resulted in over 1 million annual orders and expanded the market reach to over 20 provinces [2] - The live-streaming initiative has encouraged more local residents to become "field anchors," transforming the live-streaming platform into a new stage for showcasing agricultural products [2] Group 3 - As a pilot area for rural revitalization, Guangyang Town emphasizes party leadership in development, integrating "Party Building + Industry Employment" models, and focusing on the peanut industry as a key area for agricultural development [3] - The town has established 42 peanut cooperatives and provides professional guidance on peanut cultivation, achieving yields of over 1,000 pounds per acre [3] - Plans are in place to build an e-commerce logistics center to enhance the packaging and transportation of deep-processed products, improving the entire supply chain from planting to sales [3] Group 4 - Efforts in financial support, live-streaming marketing, and strategic planning have significantly increased the value of high-quality peanuts in Guangyang Town [4] - The town aims to deepen the "Party Building + Specialty Industry" development model, focusing on extending the peanut processing chain to include products like peanut oil and peanut butter, thereby enhancing industry value [4] - Continuous policy support and service guarantees will be reinforced to promote standardized peanut planting, refined processing, and brand-oriented sales [4]

Core Points - The "Leading Goose" project for cultivating rural industry leaders in Guangdong was officially launched on November 18, 2023, at Zhongkai University of Agriculture Engineering [2][8] - The project aims to enhance rural talent cultivation and support the high-quality development of rural areas in Guangdong [6][12] - Since its inception in 2022, the project has trained a total of 3,200 rural industry leaders, contributing to the income increase of 300,000 farming households [11][18] Group 1 - The theme of the event was "Leading Goose Navigation, Lingnan Prosperity" and was guided by the Ministry of Agriculture and Rural Affairs [3][4] - The project has established a comprehensive support system that includes institutional guarantees, precise training, and continuous assistance [13][14] - The project has facilitated over 500 financial support instances and school-enterprise cooperation projects [18][19] Group 2 - The training program includes a diverse curriculum covering digital transformation, supply chain management, and integration of primary, secondary, and tertiary industries [68][69] - The project emphasizes practical learning through a combination of classroom instruction, online learning, field studies, and mentorship [35][39] - The initiative aims to produce leaders who are knowledgeable in technology, management, and operations to drive rural revitalization [69][70] Group 3 - The event featured an award ceremony recognizing outstanding teachers, mentors, and students for their contributions in 2024 [21][22] - The project has seen successful case studies, such as a participant who developed a new product from local agricultural resources, significantly increasing demand [43][44] - The program encourages participants to engage in innovative agricultural practices and community collaboration to enhance rural economies [62][64]

Core Insights - The article highlights the development of unique agricultural products in the northern Guangdong region, emphasizing the transformation of local specialties into significant economic drivers for rural revitalization [9][67]. Group 1: Agricultural Development in Northern Guangdong - The northern Guangdong region, including cities like Qingyuan, Shaoguan, Yunfu, and Heyuan, is leveraging its unique mountainous and water-rich environment to enhance agricultural productivity [7][9]. - Qingyuan is focusing on five major billion-yuan industries, with an investment of approximately 45 million yuan in 2023 to develop products like Qingyuan chicken and Yingde black tea, aiming for a total agricultural output value of 400.67 billion yuan, which has doubled from 192 billion yuan in 2021 [16][20]. - Shaoguan is building a multi-layered brand system under the "Shanmei Shaonong" brand, with significant contributions from local products like the Danxia Gonggan, which has a projected output value of 1.8 billion yuan in 2024 [30][32]. Group 2: Specific Agricultural Products and Their Impact - Yunfu, known as the "Hometown of Southern Medicine," has over 1.35 million acres of medicinal plants, contributing significantly to the province's agricultural output [41][42]. - Heyuan is recognized for its ecological products, with a focus on oil tea and unique tea varieties like the Zijin cicada tea, which has a projected output value exceeding 2.5 billion yuan in 2024 [56][60]. - The article mentions the upcoming Greater Bay Area Agricultural Products Trade Fair, which will provide a platform for over 1,000 core buyers to connect with northern Guangdong's agricultural products, enhancing market reach [68][70].

Core Viewpoint - The 2025 Greater Bay Area Agricultural Products Trade Fair will be held in Guangzhou, showcasing landmark agricultural products from the Guangdong West region, aiming for brand and internationalization through a "media+" service model [8][10]. Group 1: Agricultural Products and Their Economic Impact - Zhanjiang is recognized as both a "blue granary" and a "tropical fruit garden," with over 3,600 deep-sea fish farming nets producing more than 100,000 tons of fish annually, accounting for about 40% of national output, and an industry value exceeding 13 billion yuan [13][14][22]. - Xu Wen, known as the "hometown of pineapples," has a planting area of 350,000 mu, yielding over 700,000 tons annually, which is one-third of the national total. The local industry is extending its value chain by developing processed products like pineapple mooncakes [17][18][20]. - Maoming's lychee industry has a planting area exceeding 1.35 million mu, with an annual output of over 500,000 tons, contributing to a total industry value of over 12 billion yuan in 2024. The products are exported to over 20 countries and regions [31][32][34]. - The medicinal plant Huajuhong, known as "Southern ginseng," has a planting area of 116,000 mu, with a product value exceeding 3.5 billion yuan. The local government is investing in research and development to enhance its health product offerings [36][40][46]. Group 2: Industry Innovations and Trends - Yangjiang, known for its black bean paste, produces over 50,000 tons annually, capturing about 70% of the national market share, with an industry value surpassing 1.5 billion yuan. The local industry is innovating with high-value products like ready-to-eat sauces [52][53]. - The integration of traditional agriculture with modern technology is evident as the region transitions from scattered practices to standardized, digitalized, and large-scale operations. This includes the development of new business models such as "agriculture + tourism" and "agriculture + e-commerce" [65][66]. - The "media+" platform is expected to accelerate the internationalization of unique agricultural products from Guangdong West, transforming them from mere "taste memories" to recognized "industry brands" on a global stage [68][70].