12月30日，华康股份跌1.06%，截至发稿，报14.92元/股，成交377.55万元，换手率0.08%，总市值45.22 亿元。 华夏卓越成长混合A（024928）成立日期2025年8月12日，最新规模9.56亿。成立以来收益16.17%。 资料显示，浙江华康药业股份有限公司位于浙江省开化县华埠镇华工路18号，成立日期2001年7月10 日，上市日期2021年2月9日，公司主营业务涉及木糖醇、山梨糖醇、麦芽糖醇、果葡糖浆等多种功能性 糖醇、淀粉糖产品的研发、生产、销售。主营业务收入构成为：晶体糖醇产品54.36%，液体糖、醇及 其他产品32.46%，其他13.18%。 从华康股份十大流通股东角度 数据显示，华夏基金旗下1只基金位居华康股份十大流通股东。华夏卓越成长混合A（024928）三季度 新进十大流通股东，持有股数415.33万股，占流通股的比例为1.39%。根据测算，今日浮亏损失约66.45 万元。 华夏卓越成长混合A（024928）基金经理为钟帅。 截至发稿，钟帅累计任职时间5年157天，现任基金资产总规模132.6亿元，任职期间最佳基金回报 184.12%， 任职期间最差基金回报-0.15%。 从 ...

这是一片盛满丰收的沃野，更是一片大有可为的土地。 新华网郑州12月27日电 题："中原粮仓"满目新——河南奋勇争先推进乡村全面振兴观察 新华网记者李俊、孙清清、刘金辉 "十四五"时期，河南粮食总产量连续9年超1300亿斤，以不足全国1/16的耕地，生产了全国1/10的粮食，每年外调原粮及制 成品600亿斤以上。 2025年5月29日，在河南省西华县黄泛区实业集团农业第四分公司的麦田里，农机手操作收割机收获小麦（无人机照 片）。新华社记者 郝源 摄 为稳住"大粮仓"，河南牢牢抓住粮食这个核心竞争力，着力建设农业强省，实现农业增效益、农村增活力、农民增收入， 不仅让"中国碗"盛上更多"河南粮"，也让"中原粮仓"变成名副其实的"国人厨房"。 持续稳住农业基本盘 冬至过后，记者驱车穿越豫东农区，沿途川平野阔，阡陌纵横，沟通渠畅。一望无际的麦田里，施工人员正抢抓冬春岁 修"黄金期"，加快农田水利建设，为来年丰收保驾护航。 谈起今年夏粮生产，商丘市夏邑县桑堌乡种粮大户朱传海对记者说了三个字："不容易"。今年得益于高标准农田完善的灌 溉系统，他种植的1200亩小麦有效应对旱情，喜获丰收。 今年上半年，商丘遭遇持续干旱和高温 ...

Core Insights - The article discusses the recent announcement by COFCO Technology regarding a new investment project aimed at expanding its starch sugar production capacity and entering the functional sugar market [1][2]. Project Progress - COFCO Technology plans to invest 880 million yuan to construct a new facility in Pingliang, Gansu Province, with a production capacity of 250,000 tons/year of starch sugar and 10,000 tons/year of D-alloheptulose [1]. - The construction period for the project is set to be 20 months from the board's approval to trial production [1]. - The project will include various facilities such as starch sugar workshops, D-alloheptulose workshops, bottling workshops, wastewater treatment systems, and finished product warehouses [1]. Strategic Importance - This project aligns with COFCO Technology's "14th Five-Year" development strategy and aims to fill the gap in the starch sugar market in the northwest region of China [2]. - The development of D-alloheptulose products is seen as a key direction for COFCO Technology to cultivate new productive forces and expand into strategic emerging industries [2]. Financial Performance - In Q3 2025, COFCO Technology reported a revenue of 4.449 billion yuan, a year-on-year decrease of 14.65%, and a net loss attributable to shareholders of 28.06 million yuan, an increase of 45.91% compared to the previous year [3]. - For the first three quarters of 2025, the company achieved a revenue of 13.262 billion yuan, down 12.31% year-on-year, while the net profit attributable to shareholders was 79.186 million yuan, a significant increase of 724.42% [3].

Core Viewpoint - COFCO Technology (000930.SZ) has approved the investment in a new project for the construction of a 250,000 tons/year starch sugar and 10,000 tons/year D-alloheptulose production facility in Pingliang, with a total investment of approximately 880.0371 million yuan [1] Investment Details - The total investment for the project is 880.0371 million yuan, which includes construction investment of 812.8799 million yuan, interest during the construction period of 13.8349 million yuan, and working capital of 53.3223 million yuan [1] - The project will include the construction of a starch sugar workshop, D-alloheptulose workshop, bottle washing and filling workshop, wastewater treatment facility, finished product warehouse, and tank area [1] Production Capacity - Upon completion, the project is expected to achieve a product scale of 150,000 tons/year of fructose syrup, 100,000 tons/year of glucose syrup, and 10,000 tons/year of D-alloheptulose [1]

Core Viewpoint - COFCO Technology announced plans to invest in a new project for starch sugar and D-alloheptulose production, aiming to enhance its capacity and fill market gaps in the northwest region of China [2] Group 1: Project Details - The project involves the construction of a 250,000 tons/year starch sugar and 10,000 tons/year D-alloheptulose facility [2] - Total investment for the project is set at 880 million yuan [2] - The construction period is estimated to be 20 months, with funding sourced from equity and bank loans [2] Group 2: Production Capacity - Upon completion, the facility will have a production capacity of 150,000 tons/year of fructose syrup, 100,000 tons/year of glucose syrup, and 10,000 tons/year of D-alloheptulose [2] - The project aligns with the company's "14th Five-Year" capacity planning and aims to expand into functional sugars and other strategic new industries [2]

Core Insights - The article highlights the increasing awareness of health-conscious consumers avoiding added sugars, yet many overlook the dangers of high fructose corn syrup (HFCS) found in various foods and beverages [1][2]. Group 1: Understanding High Fructose Corn Syrup - High fructose corn syrup, also known as HFCS, is a sweetener made from starch through hydrolysis and is primarily composed of fructose and glucose [4][5]. - HFCS has been widely used since the 1960s, with its usage in the U.S. reaching 35% of total added sugars by 1985, becoming a major sweetener in soft drinks and other sugary beverages [5]. Group 2: Health Risks Associated with HFCS - Excessive consumption of HFCS can lead to obesity, with over 50% of adults in China being overweight or obese, and sugary drinks being a significant contributor to this issue [9][10]. - High fructose intake is linked to an increased risk of non-alcoholic fatty liver disease (NAFLD), with studies showing a 55% higher risk for those consuming at least one HFCS-containing beverage daily [13][14]. - The consumption of HFCS is associated with a higher risk of developing type 2 diabetes due to its impact on liver fat accumulation and insulin resistance [15]. - Research indicates that high fructose intake can elevate cholesterol levels, contributing to blood lipid abnormalities [17]. - There is strong evidence linking fructose metabolism in the liver to increased uric acid production, raising the risk of gout [18]. - HFCS contributes to dental issues, as both fructose and glucose can lead to tooth decay [20]. Group 3: Recommendations for Reducing HFCS Intake - To minimize HFCS consumption, consumers should check ingredient labels for "high fructose corn syrup" and avoid products where it appears prominently [21].

Group 1 - The core viewpoint of the news is that Huakang Co., Ltd. has seen a significant increase in its stock price, rising by 5.28% to 18.35 CNY per share, with a total market capitalization of 5.561 billion CNY [1] - Huakang Co., Ltd. specializes in the research, production, and sales of various functional sugar alcohols and starch sugar products, with its main business revenue composition being 54.36% from crystalline sugar alcohol products, 32.46% from liquid sugars and alcohols, and 13.18% from other products [1] - The company is located in Kaifa County, Zhejiang Province, and was established on July 10, 2001, with its listing date on February 9, 2021 [1] Group 2 - From the perspective of fund holdings, one fund under Wan Jia Fund has a significant position in Huakang Co., Ltd., with the Wan Jia Quantitative Tongshun A fund holding 44,000 shares, accounting for 0.98% of the fund's net value, making it the second-largest holding [2] - The Wan Jia Quantitative Tongshun A fund has a total scale of 28.1768 million CNY and has achieved a year-to-date return of 16.29%, ranking 4630 out of 8162 in its category [2] - The fund has a one-year return of 30.77%, ranking 2195 out of 8024, and a cumulative return since inception of 49.82% [2]

Core Viewpoint - Shandong Fukuan Biological Engineering Co., Ltd. has established itself as a leading player in the corn deep processing industry, focusing on technological innovation and comprehensive supply chain management to enhance food security and drive industrial upgrades [1][5]. Group 1: Company Overview - Founded in March 2004, the company is a wholly-owned state enterprise under Beijing Shou Nong Food Group, with a registered capital of 450.88 million yuan [1]. - The company processes 1.1 million tons of corn annually, producing 700,000 tons of starch, 200,000 tons of fructose syrup, and 150,000 tons of maltose syrup, achieving an annual output value of 5 billion yuan [1]. - In 2023, the company ranked 269th in the "Top 500 Agricultural Enterprises in China" [1]. Group 2: Supply Chain and Storage - The company has developed a dual security system of "transparent storage + intelligent warehousing" to ensure raw material supply [2]. - It operates a 14,000 square meter raw material warehouse, a 12,000 square meter finished product warehouse, and a 6,000 square meter cold storage facility, with plans for a modern storage matrix covering 102.5 acres [2]. - Advanced equipment and smart control systems are employed for precise storage management, ensuring product quality and production continuity [2]. Group 3: Innovation and Technology - The company has accumulated 37 domestic patents over nearly two decades, focusing on breakthroughs in core technologies for deep processing [3]. - A significant project in collaboration with universities has successfully overcome foreign technology monopolies in the production of rare sugars, enhancing the added value of corn by 17 times [3]. - The project is expected to capture 60% of the global export market for alulose, positioning Shandong as Asia's largest production base for this product [3]. Group 4: Product Quality and Market Position - Fukuan Biological has established a diverse product system, including traditional deep processing products and high-end functional sugars, capturing over 15% of the domestic functional sugar market [4]. - All products meet multiple quality and safety certifications, including ISO9001 and ISO22000, ensuring high standards of food safety [4]. - The company has received numerous accolades, including being recognized as a "National Key Leading Enterprise in Agricultural Industrialization" in 2025 [4]. Group 5: Future Outlook - The company aims to continue its commitment to green, efficient, innovative, and win-win development, contributing to the transformation of old and new kinetic energy in Shandong and enhancing national food security [5].

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].

Group 1 - Global Printing announced that shareholder Hong Kong Yuanshi International Co., Ltd. plans to reduce its stake by up to 3.2004 million shares, accounting for 1% of the total share capital, due to personal funding needs [1] - Sunflower intends to acquire 100% equity of Xi Pu Materials and 40% equity of Zhejiang Beid Pharmaceutical through a combination of share issuance and cash payment, with stock resuming trading on September 22, 2025 [1][2] - Crown Zhong Ecology is planning a change in control, leading to a temporary suspension of its stock and convertible bonds due to significant uncertainties [2] Group 2 - China Oil Engineering's wholly-owned subsidiary signed a $513 million EPC contract for an LNG pipeline project in the UAE, covering approximately 180.5 kilometers of natural gas pipeline with a 36-month construction period [3] - Shanxi Fenjiu announced that shareholder Huachuang Xinrui (Hong Kong) Co., Ltd. plans to reduce its stake by up to 16.2006 million shares, representing no more than 1.33% of the total share capital [4] - Brother Technology's subsidiary received a drug registration certificate for Iopamidol injection, which is included in the national medical insurance catalog [5] Group 3 - Lin Yang Energy is expected to win a bid for a metering equipment project from the State Grid, with an estimated total bid amount of approximately 142 million yuan [6] - Huahai Chengke received approval from the China Securities Regulatory Commission for issuing shares and convertible bonds to purchase assets and raise no more than 800 million yuan in matching funds [8] - Jindi Co. signed a framework agreement to acquire controlling interest in Unico Precision, which specializes in manufacturing gears and automotive parts [10] Group 4 - Ruifeng High Materials announced that its major shareholder plans to reduce its stake by up to 2.4 million shares, accounting for 0.9584% of the total share capital [12] - Changliang Technology's director plans to reduce his stake by 1.05 million shares, representing 0.129% of the total share capital [14] - Zhongjing Food's director plans to reduce his stake by up to 150,000 shares, accounting for 0.10% of the total share capital [16] Group 5 - Haitai Technology announced that two shareholders plan to reduce their stakes by a total of up to 2.53% of the total share capital [18] - Zhenlei Technology's chairman is under detention but the company states that control has not changed and operations remain normal [20] - Huakang Co. plans to distribute a cash dividend of 0.2 yuan per share, totaling approximately 60.61 million yuan [19]