Core Viewpoint - The "Civilization Market" series of promotional activities aims to revitalize the cultural and commercial landscape of Guangzhou, enhancing consumer engagement and showcasing local agricultural and cultural products [5][9][12]. Group 1: Event Overview - The "Civilization Market" will take place from December 19 to December 28, 2025, on Beijing Road, injecting new vitality into the area and attracting citizens and tourists [5][6]. - The event features over 10 unique activities and more than 8 types of consumption scenarios, showcasing high-quality agricultural and cultural products from across Guangdong [12][13]. Group 2: Economic Impact - The event is expected to stimulate the winter consumer market and promote the integration of culture and commerce, contributing to the high-quality economic development of the region [7][21]. - In the first 11 months of this year, Beijing Road is projected to achieve a total revenue of 173 billion yuan, with over 20 cultural and commercial activities held in the fourth quarter alone [68][69]. Group 3: Cultural Integration - The market serves as a platform for showcasing the rich cultural heritage of Guangdong, allowing visitors to experience various local traditions and products, such as traditional crafts and culinary delights [19][21][46]. - The event highlights the importance of cultural value and tourism in reshaping agricultural practices and enhancing community engagement [87][88]. Group 4: Participation and Engagement - The event attracted significant participation from local enterprises, with over 100 companies showcasing their products, including popular items like Hakka pork balls and local teas [24][27][36]. - The market also engaged students from vocational schools, who showcased their skills and products, further promoting the integration of education and industry [40][42][44]. Group 5: Future Prospects - The "Civilization Market" is seen as a new model for promoting the integration of agriculture, culture, and tourism, providing a window to observe the progress of the "Hundred Counties, Thousand Towns, and Ten Thousand Villages" initiative [102][103]. - The successful execution of this event is expected to inspire further collaboration among government, enterprises, and society to drive high-quality development in the region [120][121].

Core Insights - Landmark agricultural products have established themselves as quality symbols recognized by consumers nationwide, with examples including Wuchang rice, Dalian sea cucumber, and Yanchi salt lake sheep [1] - New landmark agricultural products like Yunnan black truffles and Suqian king crabs are emerging, leveraging differentiated characteristics and brand operations to attract consumer attention and significantly expand the market [2] Group 1: Emerging Landmark Agricultural Products - Yunnan black truffles have seen a user growth of over 10 times, with a core production area generating an annual output value of 577 million yuan by 2025 [5][6] - Fujian Guanxi honey pomelo has become a popular gift during the Mid-Autumn Festival, with sales exceeding 500,000 bags during the holiday, and a 160% increase in direct sales from the source [9] - Guangdong Maoming lychee has experienced a 163% increase in exports, reaching 8,183 tons, and is now available in 19 countries [12] Group 2: Supply Chain Innovations - JD.com has established direct sourcing partnerships with producers to enhance standardized production and improve farmers' income levels [5][6] - The company has implemented a rapid air transport system to ensure freshness for products like black truffles, utilizing smart cold chain technology [6] - For Fujian honey pomelo, JD.com has adopted a self-operated model to control supply, reducing costs by 20% [9] Group 3: Consumer Trends and Market Growth - The search popularity for landmark agricultural products has increased over 20 times, with shopping user numbers growing at rates exceeding 10 times [2] - The rise of products like Jiangsu Suqian king crabs, which achieved a sales volume of 500 million yuan in 2025, reflects a growing consumer interest in high-quality, locally sourced food [19][20] - The health-conscious trend has led to a significant increase in demand for products like Xinjiang organic beef, with a 450% growth in transaction value by 2025 [36][37] Group 4: Agricultural Development and Rural Revitalization - The development of landmark agricultural products is supported by standardized production systems, modern supply chains, and innovative brand operations [37] - JD.com's actions in rural revitalization have evolved through three stages, from helping products reach broader markets to enhancing brand recognition and supporting farmers' income [37] - The establishment of a win-win ecosystem is being facilitated through the empowerment of agriculture by leveraging supply chain capabilities [37]

| | | 油脂产业期现日报 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年12月29日 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | | 王法庭 | Z0019938 | | 臣湘 | | | | | | | | | | | | | | | | | | | 12月26日 | 12月25日 | 旅鉄 | 张跃幅 | | | 现价 | 江苏一级 | | | | | 8390 | 8350 | 40 | 0.48% | | | 期价 | Y2605 | | | | | 7836 | 7824 | 12 | 0.15% | | | 墓差 | Y2605 | | | | | 554 | 526 | 28 | 5.32% | | 现货墓差报价 | | 江苏5月 | | | | | 05+500 | 05+500 | 0 | D | | | 仓单 | | | | | | 28264 | 28264 | 0 | 0.00% | | 棕榈油 | | ...

豆粕周报 2025 年 12 月 29 日 拍卖暂停&通关消息 连粕止跌收涨 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 ⚫ 风险因素：南美天气，进口大豆通关，大豆拍卖 敬请参阅最后一页免责声明 1 / 11 ⚫ 上周，CBOT美豆3月合约涨12.25收于1071.75美分/蒲式 耳，涨幅1.16%；豆粕05合约涨55收于2790元/吨，涨幅 2.01%；华南豆粕现货涨20收于3080元/吨，涨幅0.65%； 菜粕05合约涨68收于2391元/吨，涨幅2.93%；广西菜粕 现货涨90收于2560元/吨，涨幅3.64%。 ⚫ 美豆止跌反弹，南美作物暂无风险点，阿根廷产区降水 减少，土壤墒情尚可，关注天气变化带来的影响；美豆 出口销售进度有所加快，但整体 ...

Group 1: Oilseeds and Oils Market - Canola oil prices increased this week, with palm oil following suit, while soybean varieties experienced volatility [2][14] - The demand for U.S. soybeans is being closely monitored, with China's soybean purchases accelerating but expected to remain under 12 million tons, limiting support for U.S. soybean prices [2][14] - Brazilian soybean planting is complete, and harvest expectations are strong, leading to upward adjustments in Brazilian soybean production forecasts, which suppresses forward prices [2][14] - Domestic soybean meal spot transactions improved, driven by pre-holiday stocking by downstream buyers, while concerns over inspection and customs have increased market volatility [2][15] - The oil market is experiencing limited upward potential due to overall weak demand, with a recommendation for a dual-sell strategy [3][15] Group 2: Egg Market - Egg spot prices continued to weaken, leading to a decline in near-month contracts, although optimistic expectations for future capacity reduction provide some support [16][17] - As of December 26, the average price of brown eggs was 2.86 yuan per jin, down 0.18 yuan from the previous week, with market demand remaining relatively weak [16][17] - The egg farming sector is facing ongoing losses, with a reported loss of 0.23 yuan per jin as of December 25, which is expected to suppress restocking enthusiasm [17] Group 3: Corn Market - Corn sales in production areas are progressing slowly, with prices stabilizing and showing signs of recovery [18][19] - As of December 25, the national average corn price was 2,300 yuan per ton, down 10 yuan from the previous week, with trade activity remaining subdued [19] - The market is experiencing a basic balance between supply and demand, with a recommendation for short-term bullish participation as prices stabilize [19] Group 4: Pork Market - Domestic pig prices initially fell before rebounding, with the national average price at 11.56 yuan per kilogram as of December 25, down 0.14 yuan from the previous week [20][21] - The average price of piglets was 216 yuan per head, down 3 yuan from the previous week, with supply and demand remaining in a stalemate [21] - As of December 25, the average slaughter weight of pigs was 124.54 kilograms per head, showing a slight decrease, indicating a faster digestion rate of pigs in the market [21][22] - The overall profitability for self-breeding and purchasing piglets has worsened, with losses increasing compared to the previous week [22]

Group 1: Report Information - Report Title: Agricultural Products Morning Report [1] - Report Date: December 29, 2025 [1] - Research Team: Agricultural Products Team of the Research Center [1] Group 2: Corn/Starch Price Data - From December 22 to 26, 2025: Changchun corn price remained at 2160; Jinzhou increased by 20 to 2250; Weifang remained at 2250; Shekou decreased by 10 to 2390; Heilongjiang and Weifang starch prices remained at 2750 and 2800 respectively; starch base difference decreased by 30 [2] Market Analysis - Short - term: Corn market sentiment is weak due to policy, but farmers' price - holding limits supply, and post - New Year downstream replenishment may drive up prices; starch de - stocking slows down, but price adjustment is limited, and post - New Year prices may rise slightly [3] - Long - term: Corn should focus on import and storage auction policies; starch should focus on downstream consumption rhythm and inventory de - stocking [3] Group 3: Sugar Price Data - From December 22 to 24, 2025: Liuzhou price remained at 5380 on the 22nd and 23rd, and increased to 5420 on the 24th; Nanning increased by 10 to 5340; Kunming increased to 5240; Liuzhou base difference decreased by 16 [4][5] - From December 25 to 26, 2025: Liuzhou remained at 5420; Nanning increased to 5350; Liuzhou base difference decreased to 135 [20] Market Analysis - Short - term: Reduced supply pressure on raw sugar, and the market price can refer to domestic sugar cost and spot price; short covering drives up the market [6] - Long - term: If the global sugar market surplus intensifies, the price will seek the out - of - quota import cost; pay attention to weather and policy changes [6] Group 4: Cotton/Cotton Yarn Price Data - From December 22 to 26, 2025: 3128 cotton increased by 285 to 15285; Vietnam yarn price remained at 2.53; Vietnam yarn import profit increased by 94 to 1039; 32S spinning profit decreased by 199 to - 639 [10] Market Analysis - Low initial inventory offsets most of the output increase, and future consumption is the key; with expanding textile production, good profits, and favorable tariff policies, long - term long positions are suitable [10] Group 5: Eggs Price Data - From December 22 to 26, 2025: Hebei, Liaoning, Shandong, Henan, and Hubei egg prices remained stable; the base difference increased by 72 to 357 [15] Market Analysis - The inflection point of egg inventory has appeared but the base is still high. The key to inventory decline is the culling rhythm. If culling accelerates, it will benefit the second - quarter egg price [16] Group 6: Apples Price Data - From December 22 to 26, 2025: Shandong 80 first - and second - grade apples remained at 8900; the national inventory decreased by 3; Shandong inventory decreased by 39; Shaanxi inventory decreased by 19 [18][19] Market Analysis - The trading atmosphere in the late - Fuji apple production area is light, and the sales in the sales area are slow. The market is in a high - level shock and is expected to show a near - strong and far - weak pattern [19] Group 7: Pigs Price Data - From December 22 to 25, 2025: Henan Kaifeng increased to 11.78; Hubei Xiangyang increased to 11.65; Shandong Linyi increased to 11.92; Anhui Hefei increased to 12.15; Jiangsu Nantong increased to 12.20 [19] Market Analysis - The weekend spot price increased significantly. There are expectations of both supply and demand increase before the Spring Festival. Pay attention to the slaughter rhythm, diseases, and policies [19]

1. Report Industry Investment Ratings No relevant content provided in the given text. 2. Core Views of the Report - The geopolitical situation, especially the Russia - Ukraine conflict, continues to impact various markets, causing uncertainties and fluctuations in financial and commodity markets [1][11][18]. - Market sentiment and trading volumes are affected by holidays such as Christmas and New Year, leading to relatively light trading and narrow - range fluctuations in some markets [1][2]. - Different industries show different trends. For example, some commodities are expected to be affected by supply - demand changes, policy adjustments, and cost factors, resulting in price fluctuations and investment opportunities [25][36][45]. 3. Summary by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - Key issue in the Russia - Ukraine "peace plan" regarding territory remains unresolved. After Christmas, overseas market trading is light. On Friday, gold price rose 1%, and silver price soared 10% due to a short - squeeze. The short - squeeze may be nearing its end. With the New Year's holiday approaching and the exchange increasing margin requirements, short - term market volatility is expected to intensify. It is recommended to hold a light position during the holiday [1][11]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The Russia - Ukraine conflict is likely to continue as the territorial issue remains unresolved, and the US dollar index is expected to remain volatile [15][16][17]. 3.1.3 Macro Strategy (US Stock Index Futures) - Ukraine attacked a Russian refinery, increasing geopolitical risks. Although the market is trading lightly, the year - end seasonal performance of US stocks is strong, and the market risk appetite remains high. US stocks are expected to oscillate with an upward bias [18][19]. 3.1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted 93 billion yuan of 7 - day reverse repurchase operations, with a net injection of 36.8 billion yuan. The problem of fragile institutional trading behavior is being alleviated, and long - term bonds are in the process of bottom - building. It is not recommended to chase short - term varieties. Long - term varieties are suitable for allocation when interest rates rise, and trading positions can buy on dips and exit quickly [20][21]. 3.1.5 Macro Strategy (Stock Index Futures) - The A - share market has shown a strong performance, with the Shanghai Composite Index achieving an 8 - day consecutive increase. The market sentiment is positive, and it is recommended to allocate evenly in long positions of each stock index [23][24]. 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - In the week of December 20 - 26, 2025, the actual soybean crushing volume in domestic oil mills decreased. In December, the production of Malaysian palm oil decreased, and exports increased. Although palm oil is expected to accumulate inventory in December, the supply pressure is gradually easing. It is recommended to wait for further signals of supply pressure release before going long on palm oil. For international and domestic soybean oil, there are potential factors for price increases, but the impact may be limited due to sufficient inventory [25][26]. 3.2.2 Agricultural Products (Soybean Meal) - The estimated soybean crushing volume in domestic oil mills in January 2026 is expected to increase year - on - year. The domestic market is mainly affected by customs policies and national reserves. It is necessary to continue to pay attention to these two factors, which will mainly affect the unilateral trend of the March contract and the 3 - 5 spread [27][29]. 3.2.3 Agricultural Products (Sugar) - Brazil's sugar production in the 26/27 season is expected to decrease by 5%. Thailand's sugar production progress is slow, and the international sugar market's supply - demand may tighten in the first quarter. However, the overall supply surplus expectation limits the upward driving force. Domestically, new sugar production is accelerating, and the upward space of the market is limited. It is necessary to pay attention to the overseas market's driving effect and the terminal's stocking demand [31][33]. 3.2.4 Agricultural Products (Cotton) - In November 2025, Japan's clothing imports entered the off - season. As of December 11, the weekly signing data of US upland cotton was strong, but the export signing progress for the 25/26 season still lags. Zhengzhou cotton has increased in position and broken through previous highs, mainly due to speculation on the expected reduction of cotton - planting area in Xinjiang and the rise of chemical fiber futures prices. It is necessary to pay attention to the downstream transmission situation and the risk of a decline due to capital withdrawal [34][36][38]. 3.2.5 Black Metals (Rebar/Hot - Rolled Coil) - Before the New Year's Day holiday, steel prices are expected to continue to oscillate. The de - stocking speed of the five major steel products has not changed significantly, and the finished products have not yet entered the inventory - accumulation stage. It is necessary to pay attention to the export policy changes at the beginning of the year. It is recommended to adopt an oscillating trading strategy [41][42]. 3.2.6 Non - ferrous Metals (Copper) - Macro and capital factors continue to drive copper prices up, and the short - term upward momentum is not weak. The fundamental situation deviates from the capital situation. Copper prices are expected to remain strong in the short term, and a long - term bullish strategy is recommended for the medium - term [45]. 3.2.7 Non - ferrous Metals (Polysilicon) - The spot price of polysilicon has increased, and the inventory is rising. In the off - season of demand from January to February, polysilicon may be "priced but not traded", but the peak - season expectation cannot be falsified. It is recommended to pay attention to the opportunity to go long on dips and hold positions carefully [47][48]. 3.2.8 Non - ferrous Metals (Industrial Silicon) - The production of industrial silicon in some regions has changed slightly, and the inventory is increasing. The current production reduction scale is not enough to reverse the inventory - accumulation pattern. It is recommended to pay attention to the opportunity to sell short on rebounds [50]. 3.2.9 Non - ferrous Metals (Lead) - The spot price difference of lead is in a discount state. The supply of recycled lead may be tightened due to environmental protection. The terminal demand is differentiated, and the inventory is declining. It is recommended to adopt an oscillating trading strategy [53]. 3.2.10 Non - ferrous Metals (Zinc) - The raw material inventory of smelters has increased, and the demand has recovered slightly. The domestic social inventory has decreased, and there is a possibility of inventory accumulation in January. Zinc prices are expected to be volatile in the short term and easy to rise but difficult to fall in the medium - term. It is recommended to pay attention to the opportunity to buy on dips [56][57]. 3.2.11 Non - ferrous Metals (Nickel) - A company has terminated a nickel project. The Indonesian government plans to adjust the nickel production quota and the tax - calculation formula, which may increase the smelting cost. The nickel market is currently in surplus, and it is recommended that the previous long - positions track and stop profits and pay attention to the implementation of Indonesian policies [59][61]. 3.2.12 Non - ferrous Metals (Lithium Carbonate) - The price of lithium carbonate has risen sharply, and the inventory is decreasing. The supply may decline slightly in January, and the demand side has many production - reduction and maintenance news. It is recommended that the previous long - positions track and stop profits, not chase the high, and pay attention to the opportunity to go long on dips in the medium - term [64][65]. 3.2.13 Energy Chemicals (Carbon Emissions) - The EU carbon price has been oscillating. The expected reduction of quota supply in 2026 is expected to support the price in the long - term, but short - term profit - taking by some investors may suppress the upward momentum. The price is expected to oscillate in the short term [66][67]. 3.2.14 Energy Chemicals (Crude Oil) - Russia has extended the export ban on gasoline and diesel to February 2026. Geopolitical conflicts and supply - surplus expectations are disturbing the market. Oil prices are expected to oscillate and find the bottom in the process of verifying the surplus [68][69][70]. 3.2.15 Energy Chemicals (Bottle Chips) - The export prices of polyester bottle chips have risen, and the market trading atmosphere is good. With the commissioning of new devices and the restart of previously overhauled devices, the processing cost pressure may increase. The bottle - chip market is expected to follow the rise of polyester raw materials [71][73].

Core Viewpoint - The 2025 Rural Revitalization and Industrial Development Conference aims to create a dialogue and cooperation platform in the "three rural" sectors, focusing on agricultural development and rural prosperity [1] Group 1: Conference Highlights - The conference features discussions on rural wealth creation, livable and workable beautiful villages, and the impact of climate change on agricultural production [1] - Key documents released include the "14th Five-Year Plan" for high-quality agricultural and rural development and the 2026 Rural Revitalization Empowerment Action [1] - The event showcased local specialty products from various regions, including Henan's Jiaozao iron stick yam and Heilongjiang's Wuchang rice, emphasizing the promotion of quality agricultural products [1] Group 2: Activities and Initiatives - The conference launched the "Yunong Excellent Products" super brand pavilion on Xinhua Net to support the standardization and branding of quality agricultural products [1] - Various engaging activities were organized, such as the "Xinhua Net Tracing China Central Plains Night" and the "Henan Agricultural Strong Province Construction Achievements Exhibition," highlighting the region's agricultural advancements [1] - The event aimed to showcase Henan as a significant agricultural hub, referred to as the "Central Plains Granary, National Kitchen, and Global Dining Table" [1]

Core Insights - Japan's rice and egg prices have reached record highs, leading to significant changes in consumer behavior and food choices [1] Group 1: Price Increases - The average price of a 5-kilogram bag of rice in Japan is 4,337 yen (approximately 194 RMB), remaining above 4,000 yen for 16 consecutive weeks [1] - The average wholesale price of medium-sized eggs in the Tokyo area is 324 yen per kilogram (approximately 14.5 RMB), marking the highest price on record [1] Group 2: Consumer Behavior - Many Japanese consumers are now viewing dishes like egg over rice as a luxury, with some opting not to add eggs to their curry rice due to high prices [1] - In response to rising prices of staple foods such as beef, butter, and tomatoes, consumers are seeking cheaper alternatives like chicken, margarine, and carrots [1] - With rice prices remaining high, many are substituting rice with noodles and bread [1]

皖美农品供需对接活动·皖北专场28日在安徽省淮北市举办，现场签约额达25.09亿元人民币。 活动现场 共有20对采购方与供应方签约，涉及农产品38.72万吨。（中新网） ...