Core Insights - The company "Hanzhixiaoer" has achieved significant success with its flagship product "Fresh Flower Pepper Chili Powder," which has sold over 10 million units and generated sales exceeding 1 billion yuan within two years of its online launch [2][3]. Company Overview - Guizhou Anshun Guanling Autonomous County-based "Guanling Jiexiangyuan Food Co., Ltd." operates under the brand "Hanzhixiaoer" for online sales and "Lao Wang Ma" for offline sales, utilizing an integrated online and offline development model [3]. - The company has been a top seller on Douyin's seasoning store rankings for 37 consecutive weeks, highlighting its strong market presence [3]. Sales and Marketing Strategy - The company actively participates in government-led initiatives like "Qian Goods Going Out" and has competed in the Guizhou E-commerce Live Streaming Competition for three consecutive years, achieving excellent results [5]. - Collaborations with platforms such as Dongfang Zhenxuan and Xiaoming Zhengnengliang have been established to promote Guizhou specialties, including handmade chili powder [5]. Product Development Plans - The company plans to develop new chili powder flavors tailored to regional consumer preferences, such as a spicier version for Sichuan and Chongqing, and a milder seafood-flavored variant for Guangdong and Fujian [5]. - There are intentions to expand the product line to include related condiments like chili oil dipping sauce, hot pot base, and instant food products to meet diverse consumer needs [5]. Growth Projections - The company has set a sales growth target of 20% annually over the next two years [7]. - During a recent resource connection meeting, the company aimed to learn about the latest e-commerce platform policies and establish connections with industry peers for future collaborations [7]. Industry Context - The chili pepper industry in Guizhou has been expanding, with a planting area of 5.04 million acres, a production volume of 7.29 million tons, and a market value of 28.8 billion yuan projected for 2024 [8]. - The industry supports over 1.05 million chili farmers in the province and has hosted nine "Guizhou Zunyi International Chili Expo" events to promote public and enterprise brands [8].

Core Viewpoint - The article discusses the shift in foreign trade enterprises' currency exchange strategies in response to the Federal Reserve's interest rate cuts and the changing dynamics of the USD and RMB exchange rates, leading to increased willingness to convert USD to RMB [3][12][17]. Group 1: Currency Exchange Trends - Since late September, many foreign trade companies have increased their currency exchange efforts due to the Federal Reserve's resumption of interest rate cuts, which has diminished the yield advantage of USD investments [3][12]. - The RMB/USD exchange rate has risen above the 7.15-7.30 range, prompting expectations of further appreciation of the RMB, leading companies to act early to secure favorable exchange rates [3][12][17]. - The average exchange rate for foreign trade enterprises was 53.7% in the first eight months of the year, a slight increase of 0.5 percentage points from the previous year, indicating a cautious approach to currency conversion prior to the recent changes [11]. Group 2: Impact of Interest Rates on Investment Decisions - Prior to the Fed's interest rate cuts, many companies preferred to keep USD in offshore accounts for higher returns from USD-denominated investments, which yielded around 4.6% annually, significantly higher than domestic RMB rates [11][12]. - The shift in strategy is evident as companies like Chen Qi's have begun to convert a portion of their USD receivables to RMB, with plans to invest in domestic financial products that offer competitive returns [13][15]. - The article highlights that the recent interest rate cuts have led to a 180-degree change in the investment landscape, with companies now prioritizing currency conversion over holding USD assets [12][17]. Group 3: Risk Management Strategies - Companies are adjusting their risk management strategies for currency fluctuations, with some opting to hedge against exchange rate risks by betting on RMB appreciation for future imports [8]. - The article notes that the use of forward foreign exchange tools is becoming more common among foreign trade enterprises to lock in favorable exchange rates, although challenges such as high costs and collateral requirements remain [18][19]. - The central bank's data indicates that the foreign exchange hedging ratio for enterprises has increased to approximately 30%, up from 17% in 2020, reflecting a growing awareness of currency risk management [20].

Core Viewpoint - The 2025 National Rural Entrepreneurship Project Competition concluded in Changsha, Hunan, showcasing over 20,000 projects aimed at promoting innovative ideas in rural areas [1] Group 1: Project Highlights - A project led by a young entrepreneur, Yin Ruo Shan, utilizes 5G technology to enhance rice processing, resulting in over 100 million yuan in increased income for farmers and over 500 million yuan in the development of the upstream and downstream industrial chain [1] - The project features a fully automated production line for rice, from cleaning to packaging, enabled by new 5G digital technology [1] Group 2: Entrepreneurship Trends - By the end of 2024, the total number of returnee entrepreneurs in China is expected to reach 14.3 million, bringing experience, technology, and capital back to rural areas, thus becoming a driving force for rural industrial revitalization [1] - Since 2017, the Ministry of Agriculture and Rural Affairs has held six editions of the Rural Entrepreneurship Competition, fostering the growth of "rural creators" and "new farmers" while promoting the emergence of unique and specialized industrial brands [1] Group 3: Economic Impact - According to Li Guoxiang from the Chinese Academy of Social Sciences, emerging groups with cross-border perspectives and local ties are becoming vital in connecting urban and rural economies, thus activating rural economic growth [1] - The modern technological revolution and new productive forces are providing new opportunities for rural industrial revitalization, allowing certain industries to develop in rural areas [1]

"当下是鲜玉米加工旺季，订单十分火爆，最高峰时一天能装车170多吨，发往全国各地。公司两条速冻 生产线满负荷运转，日加工量达50多万棒，仍供不应求。"志禾农业加工车间负责人孙国辉说，加工好 的玉米6小时就能直达长三角城市，12小时就能覆盖全国各大城市。 "在加工厂干活，每天都能挣100多元。"湾港村村民顾强梅一边分拣玉米一边算账，像她这样在家门口 就业的村民就有100多人。湾港村党总支书记顾娟平说，去年村集体收入达110万元，今年还能再上新台 阶。 "瞧这玉米棒，籽粒饱满、汁水足，在上海根本不愁卖！"公司总经理朱卫红说。基地联合省农科院、扬 州大学等推出荆彩11、新甜6号等新品种，采用起垄栽培、精量点播等技术，秋季种植1.5万亩，亩产达 3000斤。玉米从采摘到进入速冻车间过程不超过2小时，经45分钟超低温速冻处理后，最大程度保留营 养和口感，一流的品质赢得广大客户青睐。 "我们重点引进精深加工、冷链物流等配套企业，全力争创绿色食品认证，构建'地标品牌+区域品牌+企 业品牌'多层次品牌体系，确保今年鲜食玉米全产业链产值突破3亿元。"响水县鲜食玉米产业链党委书 记周勤春说。 □ 本报记者张文婧通讯员邵建华王静 ...

Core Insights - Colombia's non-mining energy product exports reached $17.291 billion from January to August, marking a significant year-on-year increase of 21.3% with a volume growth of 14.4% [1] Export Performance by Sector - Agriculture accounted for 42.9% of total exports, with a remarkable growth rate of 36.9% [1] - The agro-industrial sector represented 15.6% of exports, experiencing a growth of 39.7% [1] - Industrial manufactured goods made up 41.4% of exports, with an increase of 11.8% [1] Notable Export Products - Coffee exports were particularly strong, totaling $3.798 billion, which is a year-on-year increase of 77.4% [1] - Palm oil exports grew by 77.9%, while coffee extracts increased by 58.7% [1] - Pesticides saw a growth of 20.3%, and other products like bananas, sugar, pharmaceuticals, transformers, aluminum doors and windows, beauty products, and flowers also maintained growth [1] Economic Implications - The robust performance of non-mining energy exports indicates that Colombia's economic structure is diversifying, with agriculture and manufacturing becoming new growth drivers [1]

Core Viewpoint - The company announced a share transfer agreement where its wholly-owned subsidiary, Inner Mongolia Hefeng Agricultural Co., Ltd., will transfer 100% of its stake in Zhaqi Company to Xingan League Zhongheng, resulting in Zhaqi Company no longer being included in the company's consolidated financial statements [1] Group 1 - The share transfer is part of a comprehensive transaction that includes debt waiver for part of the loans provided by the company to Zhaqi Company to clarify the debt relationship [1] - After the completion of this transaction, the loans will effectively represent financial support provided by the company to an entity outside the consolidated financial statements, reflecting the continuation of financial assistance to the former subsidiary [1] - The sugar beet business has a minimal impact on the company's main operations, and this transaction will not significantly affect the company's daily operations or harm the interests of the company and minority shareholders [1]

咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责任的权力。所有本报告中使用的商标、 ...

1. Report Industry Investment Rating No information provided in the given text. 2. Core Views of the Report - The US corn is expected to continue to see a downward adjustment in yield, but the production is at a high level. The US corn has been oscillating around 420 cents per bushel this week, with strong support at 400 cents per bushel for the December contract. The market focus has shifted to Jilin corn, and there is still expected to be selling pressure when Jilin corn enters the market. The selling pressure of Northeast corn has eased in the short - term, and the corn spot may rebound slightly, but the rebound height is limited. The market expects the low point of the corn price at the northern port to be around 2050 yuan per ton. The corn futures contract 01 is expected to be in bottom - range oscillation, while the expectation for contract 05 remains strong [4]. - The operating rate of starch factories has increased, downstream demand is still weak, but提货量 (pick - up volume) has increased, and the starch inventory has risen to a historical high for the same period. As the corn spot price has declined, the starch spot price has also dropped. The profit of North China starch factories has expanded, and the operating rate of starch enterprises will continue to rise, but there is still room for the starch spot price to fall with the large - scale listing of new corn. The corn starch futures contract 01 is expected to follow the corn in bottom - range oscillation [4]. 3. Summary According to the Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Market Situation and Outlook**: The US corn is in a state of bumper harvest, but the yield may continue to be adjusted downward. The December contract of US corn has strong support at 400 cents per bushel and is in short - term narrow - range oscillation. The current market selling pressure has weakened, and the spot has short - term rebound space. However, there will still be selling pressure in late October when Jilin corn enters the market, so the rebound space of the corn spot is limited. In the short - term, corn will continue to oscillate at the bottom. Contracts 01 and 05 of corn are expected to oscillate at the bottom. The market expects corn to be in short supply after the Chinese New Year, so the spread between contracts 1 and 5 will remain large [4]. - **Trading Strategies** - Unilateral: Try to buy the December contract of US corn around 400 cents per bushel. Adopt a short - term bullish approach for contract 01 of corn and buy contract 05 of corn below 2200 yuan per ton [5]. - Arbitrage: Stay on the sidelines [5]. - Options: Implement a cumulative purchase strategy for contract 05 of corn [5]. Chapter 2: Core Logic Analysis International Market - **Supply and Demand Tables**: The USDA's September global and US corn supply - demand balance tables show that the expected yield of US corn has decreased slightly, while the expected yield of other major countries such as Argentina remains unchanged. The ending inventory in the global supply - demand table has decreased slightly, and in the US supply - demand table, the ending inventory has also decreased slightly [8]. - **Position and Production**: As of September 23, the non - commercial net short position of US corn has increased, and the ethanol production in the US has increased. The US corn is oscillating at the bottom, around 420 cents per bushel [17]. Domestic Market - **Inventory and Consumption of Deep - processing Enterprises**: As of October 16, the average corn inventory of 47 large - scale feed mills has slightly decreased compared with the previous week and the same period last year. From October 8 - 15, 2025, the consumption of corn by 149 major corn deep - processing enterprises has increased compared with the previous week. As of September 17, the corn inventory of 96 deep - processing enterprises has increased, but it is expected to decrease next week [21][22]. - **Port Inventory**: On October 10, the corn inventory at the four northern ports has increased compared with the previous week, and the throughput has also increased. In the Guangdong port, the domestic - trade corn inventory has decreased, while the foreign - trade inventory, imported sorghum, and imported barley inventories have increased, and the total grain inventory has increased [25]. - **Starch Market**: From October 9 - 15, the national corn processing volume and starch production have increased, and the operating rate has risen. The corn spot price in North China has decreased, the starch spot price has decreased, the by - product price has remained stable, and the profit in Shandong has turned profitable. The corn starch inventory has increased and is expected to continue to rise next week [28]. - **Substitute Market**: The wheat price in North China has remained basically stable at around 2460 yuan per ton. The spread between wheat and corn has widened, the corn prices in North China and Northeast China have declined, the spread between North China and Northeast corn has narrowed, and the spread between North China corn and the 01 corn contract has decreased [36]. Chapter 3: Weekly Data Tracking - **Livestock and Poultry Farming**: From October 9 - 16, the self - breeding and self - raising profit of pigs has decreased by 67 yuan per head compared with the previous week, and the profit of purchasing piglets for breeding has decreased by 51 yuan per head. From October 9 - 15, the breeding profit of white - feather broilers has slightly increased compared with the previous week, and the egg - laying hen breeding profit has decreased [40][46]. - **Starch Downstream Consumption**: This week, the operating rate of F55 high - fructose corn syrup and malt syrup has increased compared with the previous week, and the operating rate of corrugated paper and boxboard paper has also increased [49]. - **Prices of Corn and Substitutes**: The price of wheat in North China has remained stable, and the prices of corn and related products have shown certain fluctuations. The spreads between different corn contracts and between corn and starch contracts have also changed [36][58].

Market Overview - On October 17, the agricultural processing sector declined by 1.4%, with Guotou Zhonglu leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Key stocks in the agricultural processing sector showed mixed results, with Jingliang Holdings rising by 3.38% to close at 6.73, while Guotou Zhonglu fell by 4.54% to 20.39 [2][1] - The trading volume for Jingliang Holdings was 298,100 shares, with a transaction value of 200 million yuan [1] Capital Flow - The agricultural processing sector experienced a net outflow of 211 million yuan from institutional investors, while retail investors saw a net inflow of 226 million yuan [2] - The detailed capital flow for individual stocks indicates that Jingliang Holdings had a net inflow of 19.15 million yuan from institutional investors, while it faced a net outflow of 1.82 million yuan from retail investors [3]

Core Viewpoint - The article highlights the transformation of Liufang Township from a "hollow village" to a thriving "Bean Aroma Town," driven by the development of a bean culture industry and the integration of agriculture, tourism, and education [3][29]. Group 1: Background and Challenges - Four years ago, Liufang faced common rural challenges such as population outflow and land abandonment, despite having a rich history of bean cultivation [2][5]. - The traditional farming methods led to low prices for beans, with wholesale prices dropping below 3 yuan per kilogram [5]. Group 2: Strategic Transformation - A self-examination led to the realization of the township's strengths, including its historical bean cultivation and traditional processing techniques [6]. - The local government developed a ten-year plan for the bean industry, emphasizing the strategy of "one bean, one industry, and enriching the local people" [6][9]. - Initial funding of 4.6 million yuan was raised to kickstart the "Bean Aroma Town" project [6]. Group 3: Infrastructure and Development - By 2019, the township secured 60 million yuan in special bond funds, accelerating the construction of the bean culture industry park [9]. - The park now features a 28,000 square meter complex with standardized factories, attracting various enterprises and creating a robust industrial chain [10]. Group 4: Innovative Agricultural Practices - The establishment of a "living museum" for beans showcases over a hundred varieties, promoting a comprehensive understanding of bean cultivation [13]. - A green circular economy model has been implemented, maximizing the value of every bean through innovative practices [14]. Group 5: Community and Economic Impact - The integration of various sectors has transformed beans into not just agricultural products but also tourism and educational resources [27]. - Local residents are benefiting from stable incomes, with some earning 40,000 yuan annually from mushroom cultivation and others generating additional income through homestays [28]. Group 6: Future Vision and Sustainability - The township aims to create a "flow entrance" to attract visitors for consumption and learning, enhancing the local economy [17]. - The experience of Liufang demonstrates that rural revitalization requires a focus on local resources, adherence to natural laws, and sustained efforts [29].