2月21日，一列满载1100吨焦炭的"长江班列"从达州驶往武汉。达钢集团焦炭经由"长江班列"运抵沙市南站，短驳盐卡港"集改散"（集装箱内货物投入船 舱，散货装船运输），再通过长江水道运抵九江港，再由公路直达炼钢高炉。同样，入川的铁矿石则从江苏镇江水运至鄂州三江港后，通过"长江班列"铁路 运输至连界站，为川威集团生产持续输送原料。 北向运输方面，春节期间，满载20标箱元明粉的"北向班列"从眉山启程，发往山东沂南。 春节年货供应是民生保障的重点。"大湾区班列"加密开行，打通川粤两地"年货快车道"。一列列"大湾区班列"满载火锅底料、豆瓣酱、木薯淀粉等川味特 产，穿越崇山峻岭，仅36小时便将地道的巴蜀年味送达粤港澳大湾区。与此同时，来自粤港澳的时装、饮料、家用电器等年货，也搭乘返程班列进入四川， 丰富了本地节日市场。 "长江班列"是四川为破解长江三峡"翻坝难"、提升长江黄金水道运输能力而开行的铁水联运班列，班列主要采用长江上、中游铁路+长江中、下游水运的铁 水联运体系，较传统的水运模式，运输时间缩短一半，实现了从港口到工厂的"门到门"无缝衔接。 长江班列 转自：四川在线 四川在线记者 寇敏芳 今年春节期间，"长江班列 ...

【东盟专线】2025年广西与越南农产品进出口额达182.3亿元人民币 中新社南宁2月8日电 (记者 杨陈)记者8日从广西壮族自治区农业农村厅获悉，2025年广西与越南农产品 进出口额达182.3亿元(人民币，下同)，其中进口额120.9亿元，同比增长10.8%，智慧农业合作获多点突 破。 2022年至2025年，广西与越南农产品贸易额年均增长15.2%。其中，水果贸易是双方合作重点，广西已 成为越南水果进入中国和中国水果进入东盟的重要通道和集散地。 广西对越南出口农产品主要为鲜或冷藏的蒜头、鲜或冷藏的洋葱、杂交柑橘、鲜甜瓜、马铃薯、水产品 等。广西自越南进口的农产品主要有鲜榴莲、龙虾、木薯淀粉、饲料用鱼粉等。 近年来，通过在越南北江省建设越南—中国(广西)农业合作示范区，在广西崇左凭祥市、防城港东兴 市、百色市创建农业对外开放合作试验区，广西与越南农业产业链合作韧性进一步增强。 特别是在智慧农业方面，广西扬翔集团落地越南首个全链路数字化养猪项目；捷佳润科技集团相关智能 技术在越南果园规模化应用，实现高端果品产出率提升约30%；广西六洛生态农业科技有限公司推动越 南种菇从传统经验依赖转向数据驱动。此外，广西还在 ...

研究所 补库提振减弱 玉米震荡调整 ——国信期货玉米周报 过去一周玉米现货震荡略有调整，锦州港现货价格周涨0.43%至2320元/吨，期货高位回落，主力C2603下跌1.26%至2271元/吨 ，近远月价差先冲高后回落。随着下游补库的接近尾声，现货转为震荡运行，而期货因担忧春季售粮压力有所下跌。基本面来 看，根据我的农产品网数据，本周全国售粮进度推进到60%，较上周提升4个百分点，同比增加2个百分点，分区域来看，东北 依然销售进度偏慢，华北销售落后于去年。需求端来看，畜禽养殖规模仍处于偏高水平，短期刚性需求较强，但去产能背景下 ，未来需求有转弱可能。饲料企业本周原料库存再次提升，同比处于中性水平，深加工企业经过前期的补库，原料库存水平回 升明显，但库存消费比仍处于中偏低位置。港口来看，南方港口谷物库存低位，北港库存有所回升，但同比仍不高。总体而言 ，随着春节临近，现货端进入购销清淡的时间段。期货来看，随着注册仓单回升，近端推涨动力减弱，但盘面贴水仍会对其形 成一定支撑。操作上，震荡思路。 免责声明：本报告以投资者教育为目的，不构成任何投资建议 2026年01月30日 研究所 1 周度分析与展望 目 录 2 国 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The global corn supply pressure will weaken in the 26/27 season, and the price center of gravity will rise. The planting area of US corn is expected to decline, and the new - season yield may be lower. Brazilian corn production is stable, and exports are good. - In the domestic market, the corn supply in the 25/26 season is still tight, and the planting cost will rise in the 26/27 season. Feed demand will decline slightly, but the use of corn will remain high. Deep - processing profits will decline. The inventory of north - south ports will continue to rise. - In the future, the price of US corn will be higher than that of the previous year. Domestic corn prices will fall before the end of March due to the peak of farmers selling grain, but will rise in the medium - to - long term. The price of corn starch will be relatively strong, and the price difference between corn starch and corn may expand. [5][15][90] Summary by Directory 1. Preface and Overview - **Market Review**: In the 25/26 season, US corn was in bottom - range oscillation due to record - high production. Domestic corn prices rose in the first half of the year due to reduced imports and substitutes, fell in July considering new - season planting cost reduction and increased production, and rose counter - seasonally after mid - October due to low carry - over inventory and farmers' reluctance to sell. Corn starch was relatively weak, and the profit was lower than last year. [4] - **Market Outlook**: Internationally, the supply pressure of US corn will weaken in the 25/26 season, and the new - season price center of gravity in 26/27 will be higher. Domestically, the supply of corn after the Spring Festival is still tight, but the spot price will fall before the end of March due to farmers selling grain. The price of corn starch is expected to improve, and the price difference between corn starch and corn will likely expand. [5] - **Strategy Recommendation**: - Unilateral: Go long on the US corn 05 contract lightly around 430 cents per bushel, and go long on the 07 corn contract when the price is between 2220 - 2350. - Arbitrage: Expand the price difference between 05 corn and starch when it is between 280 - 370. - Options: Sell the corn put option (c2605 - P - 2220) when the market falls to a low point. [7] 2. Market Regression and International Corn Fundamentals - **Domestic and International Corn Market Review**: In 2025, the domestic corn spot market had three stages: continuous rise from January to June, decline from July to mid - October, and counter - seasonal rise from mid - October to mid - December. The futures market had small fluctuations, and the basis operation was difficult in the second half of the year. [8][13] - **Global Corn Supply Pressure Weakens, Center of Gravity Will Rise**: The 25/26 season had a loose corn supply due to increased yields in China and the US. However, in the 26/27 season, the uncertainty of weather may lead to a decrease in yield, and the global grain price center of gravity will rise. [15] - **US Corn Old - Crop Supply Is Loose, New - Season Yield Is Expected to Decline**: In the 25/26 season, the area and yield of US corn reached record highs, but the planting was still at a loss. The planting area in the 26/27 season is expected to decrease, and the yield may be lower than the previous year. The price center of gravity of US corn will be higher, and the 12 - contract has strong support at 400 cents per bushel. [22] - **Brazilian Corn Production Is Stable, Exports Are Good**: Brazilian corn production has been stable at around 130 million tons in recent years, and exports are also stable. As of December 13, the sowing rate of the first - crop corn was 77.5%. From January to November 2025, the cumulative export volume was 35.75 million tons. Brazilian corn is still the main import source when the domestic corn supply is tight. [28] 3. Domestic Corn Fundamental Analysis - **25/26 Season Corn Supply Is Still Tight, 26/27 Season Planting Cost Rises**: In the 25/26 season, the national corn production increased, but the carry - over inventory was low, and the supply was still tight. The import of corn and grains decreased significantly. In the 26/27 season, the new - season corn planting cost is expected to rise. [33][34] - **Feed Demand Declines Slightly, Corn Usage Remains High**: Due to losses in the breeding industry and high inventory, the feed demand will decline slightly after the year, but the demand for corn may still increase due to the low - level of substitute grains. The current feed demand still shows a slight increase, but the breeding industry is expected to reduce inventory in 2026. [39] - **Corn Is at a High Level, Deep - Processing Profits Will Decline**: In 2025, the deep - processing industry was in overall loss. In the first quarter of 2026, the operating rate is expected to decline, and the demand for corn will decrease slightly. The demand for corn starch may improve, but the deep - processing profit is lower than in previous years. The operating rate of the alcohol industry is also expected to decline. [59][71] - **North - South Port Inventory Will Continue to Rise**: Due to low carry - over inventory, low inventory in intermediate channels and downstream, and farmers' reluctance to sell, the north - south port corn inventory was at a historical low. Before the end of March, the inventory will continue to rise due to the peak of farmers selling grain. [77] - **Corn and Starch Trading Logic**: The focus of the market is on the selling rhythm of farmers before the end of March. After the peak of farmers selling grain, the medium - to - long - term corn price will rise. The price of corn starch will be relatively strong, and the price difference between corn starch and corn may expand. [82] 4. Future Outlook and Strategy Recommendation - **Corn**: The price of US corn in the 26/27 season will be higher than in the previous year. The domestic corn spot price will fall before the end of March and then rise. The price of North Port closing price is expected to fluctuate between 2200 - 2400, and the 07 futures contract will be relatively strong, fluctuating between 2220 - 2380. [90] - **Starch**: Corn starch will fluctuate narrowly with corn in the first quarter of 2026. After the second quarter, it will be relatively strong, and the price difference between corn starch and corn will expand. The 05 starch contract will rise in oscillation, and the price difference between 05 corn and starch is expected to fluctuate between 280 - 370. - **Trading Strategy**: - Unilateral: Go long on the US corn 05 contract lightly around 430 cents per bushel. Go long on the 07 corn contract when the price is between 2220 - 2350. - Arbitrage: The price difference between 05 corn and starch fluctuates between 280 - 370. - Options: Sell the c2605 - P - 2200 option after the market falls. [91][92][94]

Core Viewpoint - The new "Silk Road Maritime" route VTX7 significantly reduces the direct shipping time from Cambodia to Xiamen from 12 days to 6 days, enhancing shipping efficiency and facilitating the entry of Southeast Asian agricultural products into the Chinese market [2]. Group 1: Route Details - The VTX7 route primarily transports specialty agricultural products such as cassava starch, cassava chips, rice, and mangoes from Cambodia and Ho Chi Minh City, Vietnam, covering major ports in Cambodia and Vietnam [2]. - The new route is described as the fastest direct shipping line from Xiamen to Cambodia and Vietnam, effectively creating a "maritime expressway" for high-quality agricultural products [2]. Group 2: Operational Support - To ensure the efficient operation of the new route, the Xiamen Dongdu Border Inspection Station has implemented a specialized service mechanism, including a dedicated escort team and a "one ship, one policy" approach for precise support [4]. - The station has adopted a streamlined customs clearance process, significantly reducing the time vessels spend in port and achieving "zero delays" in customs [4]. - The "Silk Road Maritime" initiative is China's first international comprehensive logistics service brand focused on shipping, launched in 2018, with 148 named routes covering 150 ports in 48 countries and regions as of September this year [4].

Core Points - A railway container train carrying 1,000 tons of cassava starch departed from Vientiane South Station on the China-Laos Railway, expected to arrive in Zhengzhou, China, in 80 hours, marking the first cassava starch shipment from Laos to China [1] - The cassava starch was produced by a local factory in Laos, and the transportation was organized by China Railway Container Transport Co., Ltd., which provided comprehensive logistics services including planning, loading design, delivery, waybill preparation, information tracking, and emergency response [1] - Since the operation of the China-Laos Railway, the Laos-China Railway Company has facilitated the transportation of over 16 million tons of goods, including more than 1.7 million tons of agricultural products to China, and plans to regularly operate cassava starch and other agricultural product trains to enhance export channels for Laotian products [1]

Market Overview - As of October 31, the Dalian Commodity Exchange reported 12,504 corn starch futures warehouse receipts, unchanged from the previous trading day [1] - National corn processing volume for the week of October 23-29 was 597,300 tons, an increase of 23,300 tons from the previous week [1] - Weekly corn starch production reached 304,500 tons, up 16,800 tons from the prior week, with an operating rate of 58.86%, reflecting a 3.25% increase [1] - The top 20 futures companies held a total of 157,000 long positions and 215,800 short positions in corn starch, resulting in a long-to-short ratio of 0.73 and a net position decrease of 2,454 contracts [1] Industry Insights - According to Guangzhou Futures, the recent fluctuation in the starch-corn price spread is attributed to two main factors: the reduction of industry inventory and improved corn quality concerns in North China following rainfall, suggesting that the deep processing corn purchase prices may gradually align with feed corn prices [2] - As new season corn supply increases, the pressure on raw corn supply is rising, leading to a decline in corn starch cost support. Additionally, the competitive advantage of cassava starch continues to squeeze the demand for corn starch [3] - Despite the ongoing low operating rates compared to previous years, recent good sales performance has led to a slight decrease in corporate inventory. As of October 29, total corn starch inventory across enterprises was 1,128,000 tons, down 12,000 tons week-on-week, with a weekly decline of 1.05% and a monthly decline of 0.97%, but a year-on-year increase of 36.89% [3] - The market for starch is expected to fluctuate in tandem with the corn market, with a short-term outlook of cautious observation [3]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The report systematically reviews the price spread between Chinese corn starch and corn from 2021 - 2025, aiming to analyze the profit - gaming logic of the starch industry under the over - supply situation. The main influencing factors of the spread are "cost - supply and demand". The price change of corn at the cost end is the basis for affecting the spread, while the supply - demand relationship of starch is the core driver of the spread's fluctuation. The supply and demand of starch are mainly reflected through processing profit, operating rate, and inventory. High inventory and high operating rate jointly form the greatest downward pressure on the spread, while low inventory and low operating rate are the core drivers for the spread to expand. High inventory limits the upward space of the spread, and industrial concentration strengthens the bottom support of the spread. In the future, the high inventory of starch serves as a major resistance, and the progress of inventory clearance will be a key observation indicator [1][36]. 3. Summary by Related Catalogs 3.1 Corn Starch Industry Chain Situation - Corn starch accounts for about 52% of the deep - processed consumption of corn. Its price is strongly influenced by the cost of corn and its own fundamentals. China's corn starch is mainly self - sufficient, with imports less than 1%. The main production areas are Shandong, Heilongjiang, and Hebei, accounting for 41%, 25%, and 7% respectively [5]. - The supply - related indicators of corn starch include production capacity, operating rate, cost - profit, etc. Downstream consumption is concentrated in starch sugar and papermaking. There is a substitution relationship between starch sugar and white sugar, and the substitution effect is evident when the price difference exceeds 1500 yuan/ton. The price difference between white sugar and F55 high - fructose corn syrup this year has been maintained at a relatively high level of 2500 - 2700 yuan/ton, and the substitution continues. The operating rate of corrugated paper and boxboard is relatively stable, with an annual change of about 5% [6]. 3.2 Corn Starch Production Capacity Changes - In recent years, the production capacity of corn starch has been expanding. In 2024, the production capacity slightly declined to 2630 million tons but still remained in an over - supply situation. The production capacity is mainly concentrated in Shandong, Heilongjiang, Hebei, and Jilin. Since 2020, the industry has witnessed intensified competition, and production capacity has been increasingly concentrated in leading enterprises. The over - supply has compressed industry profits and limited the upward space of the spread, while the concentration has strengthened the bottom support of the spread [9][10][11]. 3.3 Corn Starch and Corn Price Spread Review 3.3.1 2021: Starch Supply - Demand Dominated - The spread showed an M - shaped trend, fluctuating between 300 - 600 yuan/ton. From January to March, the spread widened from 350 to 600 yuan/ton due to high corn prices, limited starch operating rate, and tight inventory. From April to July, it narrowed to around 350 yuan/ton as both corn and starch faced supply - demand pressure. From August to October, it widened again to 600 yuan/ton because of the rebound of corn prices and low starch operating rate. From November to December, it narrowed as starch production increased while demand growth was slower [15][16]. 3.3.2 2022: Strong Cost Support - The spread had a larger amplitude and showed a narrowing trend. From January to February, it expanded from 350 to 580 yuan/ton due to high raw material prices and low operating rate. From March to October, it continuously narrowed to 80 yuan/ton under factors such as weak demand, over - supply, and profit - driven price cuts. From November to December, it fluctuated between 100 - 250 yuan/ton as both corn and starch were in a weak supply - demand balance [19][20]. 3.3.3 2023: Low Operating Rate - The spread showed an oscillating trend with a slowly rising center of gravity. From January to June, it widened to 400 yuan/ton due to stable corn prices and low operating rate caused by continuous losses in processing profit. From July to December, it slightly increased with a shrinking amplitude. In July - August, it narrowed due to high corn prices and weak starch supply - demand. After September, it slightly increased as new - season corn was listed [22][24]. 3.3.4 2024: Weak Supply - Demand - The spread fluctuated between 300 - 500 yuan/ton. From January to May, it first rose and then fell. In January, it reached 500 yuan/ton due to good starch demand and high operating rate. After February, it narrowed to 380 yuan/ton as corn prices rose and processing profit declined. From June to December, it also first rose and then fell. From June to early July, it slightly widened due to limited corn supply and good starch demand. From mid - July to December, it continuously narrowed as new - season corn production was expected to be high and starch inventory accumulated [25][27]. 3.3.5 2025: Supply Pressure - The spread's fluctuation amplitude was about 100 yuan/ton. From January to mid - March, it widened from 300 to 400 yuan/ton as corn prices rose and starch operating rate was high. From late March to early August, it oscillated between 340 - 400 yuan/ton due to corn price fluctuations and weak starch supply - demand. From mid - August to the present, it has been narrowing as new corn was listed, starch inventory remained high, and cassava starch squeezed the demand for corn starch [31]. 3.4 Summary and Outlook - From 2021 - 2025, the spread oscillated with a narrowing range, from 300 - 600 yuan/ton in 2021 to 280 - 400 yuan/ton in 2025, and the high point declined from 600 to 400 yuan/ton. The spread showed seasonal patterns. The spread is mainly affected by "cost - supply and demand", with corn price as the basis and starch supply - demand as the core driver. Starch inventory is a key factor, and "high operating rate + high inventory" is the greatest downward pressure on the spread, while "low operating rate + low inventory" is the core driver for the spread to expand. In the future, the high inventory of starch is a major resistance, and the spread may continue to narrow. Attention should be paid to the change in starch inventory [35][36][40].

Core Insights - The demand for cassava starch, a key ingredient in bubble tea, is increasing rapidly due to the growth of the tea beverage market in China and globally, with the market size expected to exceed 350 billion yuan in 2024 and reach 374.93 billion yuan by 2025 [2] Group 1: Market Dynamics - The opening of the China-Laos Railway has facilitated the import of cassava starch from Southeast Asia, particularly Laos, making it a primary choice for companies in Southwest China [2][3] - A recent train carrying 625 tons of cassava starch from Laos arrived in Luzhou, Sichuan, after a five-day journey, indicating the efficiency of the new logistics route [2] Group 2: Cost and Efficiency Improvements - The China-Laos Railway has significantly reduced transportation time and costs compared to previous sea-rail combined transport methods, enhancing trade activity between the regions [3] - Logistics costs have decreased by 35%, and customs clearance efficiency has improved by 10% in cities like Neijiang, which aims to become a distribution center for cassava starch imports [3] Group 3: Industry Expansion - The increasing trade volume is leading to an extension of the industrial chain, with companies in Sichuan negotiating partnerships with leading cassava starch producers in Laos to enhance supply stability and support local farmers [4] - Processed cassava starch is versatile, being used not only in bubble tea but also in various food products, pharmaceuticals, and as raw materials for alcohol, showcasing its broad application [4]

Core Viewpoint - The corn starch market is experiencing low prices due to a combination of high inventory levels and reduced demand, with expectations of short-term price fluctuations followed by a long-term decline as raw material prices weaken [2][3][5]. Supply and Demand Analysis - Corn prices are at a five-year low, with the national standard second-grade corn price at 2300 RMB/ton, down 70 RMB/ton year-on-year, a decrease of approximately 2.95% [2]. - Corn starch prices are also at a five-year low, with the Shandong national standard first-grade corn starch price at 2890 RMB/ton, down 50 RMB/ton year-on-year, a decrease of about 1.70% [2]. - Domestic corn starch inventory increased by 8.47 million tons in the first seven months of the year, while production decreased by 830,400 tons, leading to a net supply increase of 7.68 million tons [3]. - Major corn starch enterprises have seen a decrease in delivery volume by 809,400 tons year-on-year, indicating lower consumption compared to previous years [3]. Consumption Trends - The summer season typically sees high consumption of starch sugar, with a year-on-year increase in corn starch consumption for starch sugar of 39,000 tons, totaling 1.95 million tons in the first seven months [4]. - The paper industry has maintained a higher operating rate, with corrugated paper and boxboard paper operating rates at 59.83% and 63.55%, respectively, both showing year-on-year increases [4]. - The price advantage of cassava starch is impacting corn starch consumption, as the price gap has narrowed to the lowest level in five years [4]. Future Outlook - As the peak stocking season approaches, there is an expectation of marginal improvement in demand, which may lead to a stronger price performance within a certain range [5]. - However, the long-term outlook remains bearish due to anticipated abundant corn production, which is expected to weaken prices [5].