于2024年12月在北京的新种植基地设置28个温室，盆栽蔬菜农产品销量增加，所贡献的收入亦增加; 截至2025年6月30日止6个月并无取得上市开支;及 主要因结算其他应收款项而拨回贸易及其他应收款项的预期信贷亏损。 董事会认为，上述截至2025年6月30日止6个月的未经审核综合纯利增加主要归因于： 智通财经APP讯，富景中国控股(02497)发布公告，预期集团截至2025年6月30日止6个月将取得未经审核 综合纯利约人民币3000万元至人民币3500万元，而截至2024年6月30日止6个月则取得未经审核综合纯利 约人民币1490万元。 ...

如今，美国的农场主们只能自我安慰，寄希望于未来几年中国不会完全将美国大豆市场剔除，尽管这样的趋势已愈加明显。若特朗普真心希望帮助自己的农 业和改善两国的贸易关系，他当务之急就是要正视中美贸易冲突的根源，取消不合理的关税政策，并重新建立与中国的市场信任。因为人民才是一个国家的 坚实基础，政治上的博弈最终都应以民众的福祉为核心。但现在的特朗普显然有些本末倒置。 随着丰收季节的到来，美国的农场主们面临着前所未有的困扰。他们的烦恼并不是因为粮食的收成不如预期，反而是因为丰收的喜悦却迎来了一个冷清的现 状——中国的买家始终不见踪影。来自观察者网的报道显示，近期美国多州的农业产量统计结果显示，除了少数几个州之外，绝大部分地区的玉米和大豆产 量都超过了去年的水平。然而，这种农业丰收的喜悦在农场主的脸上显得有些苍白无力，因为他们始终无法等到期盼的中国进口商打来的订单电话。这样的 窘境不仅令许多农场主陷入焦虑，甚至让美国总统特朗普也感到不安。 就在不久前，特朗普难以安眠，翻来覆去的思虑之中，他在夜深人静时分发布了一 条"求助信息"，恳求中国能够将美国大豆的订单量提高三倍。这一请求却意外地引来了国内众多人士的不满和指责，因为这一 ...

瑞达期货研究院 「2025.08.22」 玉米类市场周报 现货市场疲软 期货维持偏弱调整 取 更 多 资 讯 联系电话：0595-86778969 关 注 我 们 获 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 Ø 策略建议：偏空交易为主。 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 3 Ø 玉米： Ø 行情回顾：本周玉米期货震荡收低。主力2511合约收盘价为2175元/吨，较前一周-15元/吨。 Ø 行情展望：由于种植面积和单产的上调，USDA将美玉米2025/26年度产量和期末库存均明显提升， 期末库存来到2018/19年度以来最高水平。拖累国际玉米价格下滑。近来市场等待美国作物巡查结 果，巡查前三天各州总体产量前景相对良好。国内方面，东北产区9月份新粮将陆续上市，陈粮可 售期缩短，持粮主体出货意愿提升，贸易粮库存持续减少，但轮换粮集中出库，进口玉米持续拍 卖，市场供应略显宽松，加工企业多依靠合同粮或消耗库存满足加工需求，采购量明显不足，需 求支撑力度有限，现货市场价 ...

Group 1: Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is rated as neutral [3][5] Group 2: Core Viewpoints of the Report - The supply of new and old soybeans is stable, while the peanut market lacks confidence. The soybeans futures showed a weak oscillation, and the low - protein auction soybeans prices are under pressure. The peanut futures had a weak adjustment, with the demand side remaining sluggish and traders lacking confidence [1][3][4] Group 3: Summary by Related Catalogs Soybean View Market Analysis - Futures: The closing price of the bean - one 2511 contract yesterday was 4036.00 yuan/ton, down 10.00 yuan/ton (-0.25%) from the previous day. Spot: The edible soybean spot basis was A11 + 224, up 10 (+32.14%) from the previous day [1] - In the northeast market, soybean prices in some producing areas dropped slightly due to the decline in low - protein prices and the impact of state - reserve auctions. In the sales areas, the trading volume was relatively low due to high temperatures and poor demand. Specific prices in different regions of Heilongjiang showed some declines or remained stable [1] - The bean - one futures showed a weak oscillation. The auctions of central and local soybeans continued, and the lower reserve price increased the transaction rate, but the Heilongjiang provincial - reserve soybean auction failed. The soybeans in the northeast and inland areas are in the late growth stage with good growth and weather conditions. High - protein soybean prices were stable, while low - protein soybean prices were under pressure [2] Strategy - The strategy for soybeans is neutral [3] Peanut View Market Analysis - Futures: The closing price of the peanut 2510 contract yesterday was 7782.00 yuan/ton, down 46.00 yuan/ton (-0.59%) from the previous day. Spot: The average peanut spot price was 8260.00 yuan/ton, unchanged from the previous day. The spot basis was PK10 + 318.00, up 46.00 (+16.91%) from the previous day [3] - The peanut market is in the transition period between new and old peanuts. The average price of old peanuts is stable, and they are being cleared from inventory. New peanuts' prices are rising steadily, and the number of new - peanut - listing areas and the supply are increasing. The peanut futures had a weak adjustment. The overall trading atmosphere of domestic peanut spots is average, and the demand is sluggish [3][4] Strategy - The strategy for peanuts is neutral [5]

Group 1: Report Core Views - Australia's 2025/26 rapeseed crop output is expected to be 5.7 million tons, unchanged from the previous forecast, with the forecast range between 5.4 - 6.3 million tons. The near - normal temperatures by October will support crop growth, but the cooling forecast from August 25 - 31 is worth attention due to possible light frost in some areas [1] - Malaysia's palm oil product exports from August 1 - 20 increased by 13.6% compared to the same period last month, reaching 929,051 tons [1] - Indonesia plans to increase its crude palm oil annual output from 48.2 million tons in 2024 to 60 million tons by 2030 to meet the growing demand. To achieve this goal, BPDP has implemented human resource improvement plans and the government has launched a plantation revival plan [1] Group 2: Spot Prices - Spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from August 14 - 20, 2025 are provided, showing price fluctuations during this period [1][8]

Report Industry Investment Rating No relevant information provided. Core Viewpoints The report presents a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information, macro news, and fund flow. It also provides updates on crop conditions, international and domestic supply - demand situations, and regulatory developments. Summary by Directory 01 Overnight行情 - Overnight prices and percentage changes are provided for various futures including palm oil, crude oil, soybeans, and related products. Currency exchange rates and their changes are also given [1]. 02 Spot行情 - Spot prices, basis, and basis changes are presented for DCE palm oil, DCE豆油, and DCE豆粕 in different regions. CNF quotes and relevant information for imported soybeans are also included [2]. 03 Important Fundamental Information 产区天气 - US soybean - producing states will have below - normal temperatures and mostly near - to above - median precipitation from August 24th to 28th. Cool and dry weather is expected in the US Midwest in late August, with a 20 - 40 mm rain deficit in 10 - 15 days, and a possible warm and moderately rainy pattern in early September [3][5]. 国际供需 - Malaysian palm oil prices are expected to stay above 4300 ringgit. Pro Farmer estimates soybean pod numbers in Ohio and South Dakota. USDA reports soybean exports, and the 2025/26 Brazilian soybean planting area may increase by 1.2% - 2.9%. Brazilian 8 - month soybean and soybean meal exports are expected to rise. A Brazilian regulatory body plans to investigate the "Soybean Moratorium Plan". EU 2025/26 imports of palm oil, soybeans, soybean meal, and rapeseed are lower than last year. Australian rapeseed exports have declined, and the Baltic Dry Index has dropped [7][9][12]. 国内供需 - On August 19th, the total trading volume of soybean oil and palm oil increased by 170% compared to the previous day. The trading volume of soybean meal decreased, and the oil - mill startup rate dropped slightly. China's refined edible vegetable oil production in July increased by 4.0% year - on - year. National soybean oil port inventory increased. China's feed production in July decreased slightly from the previous month but increased by 5.95% year - on - year. Agricultural product prices showed some changes [13][14]. 04 Macro要闻 国际要闻 - US retail sales, new home construction, and API crude oil inventory data are reported. The euro - zone's current account balance increased. Malaysia's economic growth may slow due to US tariffs [15]. 国内要闻 - The US dollar/Chinese yuan exchange rate increased on August 19th. The Chinese central bank conducted a net injection of 4657 billion yuan through reverse repurchase operations. China's fiscal revenue from January to July increased slightly year - on - year, and securities transaction stamp duty increased significantly [17]. 05资金流向 - On August 19th, the futures market had a net capital outflow of 157.57 billion yuan, with 27.53 billion yuan from commodity futures and 130.04 billion yuan from stock - index futures. Agricultural product futures had a net inflow, while other sectors had net outflows [19][20]. 06套利跟踪 No relevant information provided.

Core Insights - Ningxia has made significant progress in agricultural foreign exchange cooperation through various initiatives, including agricultural exchange platforms, upgrading agricultural product export trade, and modernizing agricultural industries [1][2] Group 1: Agricultural Exchange and Cooperation - Ningxia has successfully hosted six agricultural activities at the China-Arab Expo and established two national-level platforms to support agricultural foreign cooperation [1] - The total import and export value of Ningxia's agricultural products reached 2.39 billion yuan in 2024, nearly quadrupling since 2012, with exports amounting to 1.76 billion yuan, a year-on-year increase of 23.3% [1] Group 2: Industry Development and Branding - Ningxia focuses on six national-level advantageous specialty industry clusters, including wine, goji berries, milk, beef, and cool-season vegetables, achieving a processing conversion rate of 73% for agricultural products [1] - Three brands, including Helan Mountain wine, Zhongning goji berries, and Yanchi sheep, rank among the top 25 in China's regional brand value [1] Group 3: Technology Transfer and International Cooperation - Ningxia has introduced over 20 foreign high-quality varieties of melons, vegetables, and forage, and established 12 Sino-foreign cooperative smart agriculture demonstration zones [2] - The region has promoted over 50 applicable agricultural technologies to developing countries, enhancing local agricultural development in regions such as Africa, West Asia, and Central Asia [2]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q2 2025 reached $55 million, with year-to-date EBITDA amounting to $91 million, reflecting a 60% year-over-year decline in both periods [10][11][12] - Sales totaled $392 million during Q2, with year-to-date sales reaching $716 million, driven by higher volumes sold across operations despite lower prices [10][11] Business Line Data and Key Metrics Changes - In the Sugar, Ethanol, and Energy business, crushing volume was 20% lower year-over-year due to fewer effective milling days and a selective slower milling pace [12][13] - Farming business reported a 12% year-over-year increase in total production, attributed to higher planted area and record productivity in rice operations [12][20] - Adjusted EBITDA for the Farming business totaled $1 million during the quarter, with year-to-date EBITDA at $18 million, impacted by lower international prices and higher costs [21][23] Market Data and Key Metrics Changes - Rice prices have significantly decreased, but customized rice varieties at premium prices are being offered to offset global price drops [7] - Dairy processing volumes are increasing due to a growing market presence, while efforts are ongoing to expand the product portfolio [7][20] Company Strategy and Development Direction - The company aims to be the lowest cost producer while diversifying operations across geographies and products, which serves as a natural hedge against commodity price fluctuations and weather risks [5][6] - A memorandum of understanding was signed with Tether to explore using a portion of energy production for bitcoin mining, indicating a potential innovative project [8] - The company is focusing on improving margins by reducing leased area by approximately 30% in response to challenging price and cost conditions [7][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about reaching similar crushing levels to the previous year despite a difficult start to the season, citing improved crushing rates in July and August [31][32] - The company is constructive about sugar and ethanol prices, anticipating a potential increase due to lower sugarcane yields and strong ethanol demand [35][36] - Management acknowledged the need to maintain a net leverage ratio below 2.0 times EBITDA while exploring both organic and inorganic growth opportunities [67][68] Other Important Information - Net debt increased to $699 million, 11% higher year-over-year, primarily due to higher short-term borrowings for working capital [23][24] - The company has committed $45 million to shareholder distribution, including dividends and share repurchases [27] Q&A Session Summary Question: Expectations for crushing figures and sugar prices - Management indicated that despite a challenging first quarter, they expect to crush similar amounts of sugarcane as last year, driven by improved performance in July and August [31][32] - They anticipate sugar prices to react positively due to lower sugarcane yields and strong ethanol demand [35][36] Question: Quality of cane and yield expectations - Management expects yields to be flat year-over-year, with a slight decrease in TRS content due to frost affecting sugarcane [41][45] Question: Triggers for hedging next season - Management believes sugar prices could react in the short term based on Brazilian crop impacts, with plans to accelerate hedging once market conditions clarify [54][55] Question: Partnership with Tether and its impact - The partnership is seen as a potential opportunity to sell energy at attractive prices, with ongoing evaluations to determine feasibility [74]

Group 1 - The harvesting season for various agricultural products is underway in different regions of China, including Xinjiang, Ningxia, and Qinghai, leading to increased economic benefits for local farmers [2][6] - In Xinjiang Changji, all processed tomatoes are now grown under order-based planting, ensuring stable income for farmers [2] - In Ningxia Yinchuan, the harvest of sweet melons has resulted in the daily shipment of 20,000 boxes to domestic and Southeast Asian markets, creating over 800 jobs and increasing annual income by 40,000 yuan per person [2] - In Qinghai Haixi, over 420,000 acres of goji berries are being harvested, with improved cold chain logistics allowing fresh berries to reach markets within 60 hours [2] Group 2 - In Sichuan Bazhong, the grape industry has reached an economic benefit of over 4 million yuan, with a planting area of over 1,000 acres [4] - In Heilongjiang Shuangyashan, the high sugar content of goji berries has made them a sought-after product, with sales extending to over 20 cities nationwide [6] - In Hebei Qinglong, the cultivation area for chestnuts has exceeded 1 million acres, with a comprehensive output value surpassing 1.3 billion yuan, contributing to rural revitalization [6]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoint - The corn market is in a stage of oscillating downward, and the later price center is expected to decline. Due to high yields, imported corn supplements the market supply, and the overall supply is sufficient. The price difference between corn and wheat remains in the substitutable range, with wheat being widely used as a substitute for corn. Alongside the substitution of millet and other grains, these factors suppress the corn price. The planting area of new crops is high, and the expected yield per unit is good, so the new crop yield is still expected to be abundant. The lowest planting cost of the new crop on the futures market is about 2,000 yuan/ton, and the cost center continues to shift downward. Under multiple negative factors, it is expected that c2509 will oscillate downward, and the later price center is expected to shift downward [7]. 3. Summary by Directory Domestic Corn Supply - **Supply**: The domestic corn price continues to oscillate weakly, and the growth of new - season corn is good. The current main variable is the weather during the growth period, especially rainfall. The NDVI data shows that the growth of corn in Northeast China is significantly better than in previous years, while in North China, although affected by extreme weather, the growth is still around the annual average. Overall, the expected yield per unit of corn in the main production areas is good [9][10]. - **Import**: The scale of corn imports has significantly decreased. In June 2025, the total corn import volume was 156,400 tons, a year - on - year decrease of 82.99% and a month - on - month decrease of 3.21 tons. From January to June 2025, the total corn import volume was 785,300 tons, a year - on - year decrease of 92.88%. The USDA estimates that China's corn imports in the 2024/25 season will be 4 million tons, lower than 23.41 million tons in the 2023/24 season [17][19][20]. - **Substitutes**: Feed enterprises are purchasing wheat to replace corn, and the substitution pressure of imported substitutes is decreasing. The price difference between corn and wheat in North China is near parity, and wheat has a high cost - effectiveness, exerting great pressure on the feed - use substitution of corn. In June 2025, the import volume of barley decreased by 23.83% year - on - year, and the import volume of sorghum decreased by 32.71% year - on - year [29][30]. Demand - **Feed and Livestock Farming**: The feed demand in the livestock farming industry is rigid, but the breeding profit is average. In June 2025, the national industrial feed production was 27.67 million tons, a month - on - month decrease of 0.1% and a year - on - year increase of 6.6%. The inventory of breeding sows, the parent - stock of white - feather broilers, and the hatching volume of laying - hen chicks are all at high levels, indicating a rigid feed demand. However, the breeding profit of self - breeding and self - raising pigs is at a low level, the profit of broiler breeding is seasonally rising, and the profit of laying - hen breeding has deteriorated [34][35][36]. - **Deep - processing**: The operating rate of corn starch enterprises in Heilongjiang has increased significantly, but the deep - processing production profit is severely in the red. The operating rate of major corn starch enterprises nationwide has rebounded to a neutral level, with Shandong and Heilongjiang showing relatively high rates. The corn starch production has also increased, but the downstream提货量 is low, and the production profit is severely in the red. The consumption of corn by corn alcohol enterprises has slowed down, and the operating rate has reached a new low [55][56]. Inventory - **Corn Trade and Inventory**: The inventory of trade channels and downstream users is gradually decreasing, and the starch inventory is significantly high. As of August 8, the inventory of the four northern ports continued to decline, and the domestic trade inventory of southern ports fluctuated downward. The inventory of feed enterprises continued to decrease, and the inventory of deep - processing enterprises decreased seasonally. The starch inventory of major starch enterprises continued to reach a new high in the past eight years [83][84][85]. Basis and Spread - **Basis**: The report provides the basis data of corn 01, 05, 09 contracts at Jinzhou Port and the basis data of starch 01, 05, 09 contracts in Jilin area on August 14, 2025 [117][119][121]. - **Spread**: The report provides the spread data of corn 5 - 9, 9 - 1, and the spread data of starch 1 - 5, 5 - 9, 9 - 1, as well as the spread data between corn and starch 01, 05, 09 contracts [127][128][129]. Corn Warehouse Receipt Quantity - As of August 14, 2025, the corn warehouse receipt quantity was 222,298 hands, and the corn starch warehouse receipt quantity was 25,000 hands [140]. Industrial Chain Operation Suggestions - **Traders**: For procurement management, build inventory and seek to buy corn at low prices. Use a 100% hedging ratio, buy the c2509 - C - 2400 option at an entry price of 8. For inventory management, sell corn at high prices and use a 100% hedging ratio, short the c2509 contract at an entry price of 2300 [4]. - **Downstream Enterprises**: For procurement management, when in need of corn raw materials and worried about price increases, use a 100% hedging ratio, buy the c2509 - C - 2400 option. For inventory management, when the raw material inventory is high and worried about price drops, use a 100% hedging ratio, short the c2509 contract at an entry price of 2300 [4].