豆粕是最重要的植物蛋白饲料。从营养价值来看，豆粕蛋白质含量高（40%～50%）、且质量较好，必 需氨基酸含量高、组成合理，是猪、家禽及反刍动物的优质蛋白质饲料。从全球供应来看，2025/26 年全 球豆粕产量约 2.877 亿吨，在植物蛋白粕中产量占比约 73%、占据绝对首位。豆粕产量位居首位，因原料 大豆在油籽中产量最多（占比 61%）、且压榨出粕率（79%）最高。从中国供应来看，2025/26 年中国豆粕 产量约 8554 万吨（占比约 82%）、供应量约 8653 万吨（占比约 77%），是我国植物蛋白粕中产量最高、供 应最大的品种。豆粕供需情况主导整个植物蛋白粕供需格局。 2025/26 年全球菜粕和棉粕供需边际宽松、豆粕中性略宽松，葵粕和棕榈仁粕供需收紧，花生粕和椰 子粕供需稳定。分品种来看，① 豆粕：中国是最大生产国和消费国，欧盟是最大进口方、阿根廷是最大出 口国。② 菜粕：欧盟是最大生产和消费方、中国仅次于欧盟。③ 葵粕：俄罗斯是最大生产国、欧盟是最大 消费和进口方，乌克兰是最大出口国。④ 棉粕：印度、中国和巴西是主要生产和消费国，全球棉粕贸易量 较少。⑤ 棕榈仁粕：印尼和马来西亚是主要生产国， ...

新疆是农业大区，具有发展现代农业得天独厚的资源气候条件。近年来，新疆牢牢把握打造全国优质农 牧产品重要供给基地的战略定位，推动乡村全面振兴、农业强区建设取得积极成效，"三农"进入了发展 最快、成效最好、群众得实惠最多的时期。 ●兵团日报全媒体记者 王素凡 刘美惠子 禚艺 沈元赓 "随着新疆农业现代化水平的提升，农田白色污染仍需高度重视、持续治理。"在分组讨论中，自治区人 大代表、塔里木大学机械电气化工程学院二级教授周岭指出，地膜覆盖技术具有"增温、保墒、抑制杂 草生长"的功效，是保障粮食安全、促进农民增收的关键支撑技术。但长期大量使用地膜且回收不彻 底，会形成白色污染，制约农业可持续发展。 "实践证明，农田白色污染可防可治，关键需要政策、技术、宣传多管齐下。"周岭说，要构建覆盖地膜 生产、使用、回收、再利用的全链条闭环管理体系，推动农业绿色高质量发展。 周岭建议，严格源头管控，建立地膜全生命周期追溯体系；完善市场机制，制定"以效定补"激励政策， 培育"生产+回收+再利用"产业联合体，解决地膜"回收难、再利用难"问题；强化科技支撑，重点攻关全 生物降解地膜适应性技术及高效回收机械，支持生物转化等前沿技术推广应用 ...

Core Insights - The integration of futures markets into the cotton industry is transforming traditional agriculture into a modern financial ecosystem, enhancing risk management and accelerating industrial upgrades [1][8]. Group 1: Company Overview - Xinjiang Guannong Co., Ltd. (Guannong) has established a robust production network with an annual processing capacity of 130,000 tons of cotton, supported by 13 ginning factories and 14 production lines [2]. - Guannong's logistics hub, Guannong Huijin, has become a "super warehouse" with a storage capacity of 1.1 million tons, ranking first in both cotton storage and futures delivery in China in 2023 [2][8]. Group 2: Risk Management Strategies - Guannong has developed a comprehensive hedging system across the entire supply chain, utilizing futures contracts to protect against price volatility and employing innovative tools like basis trading and options to manage risks effectively [4][6]. - The company successfully hedged 143,000 tons of cotton in 2024, demonstrating the effectiveness of its risk management strategies in maintaining profit margins despite market fluctuations [4]. Group 3: Industry Innovations - The introduction of basis trading has allowed for more flexible pricing mechanisms, enabling buyers to choose futures prices based on market conditions, thus enhancing trading activity [7]. - The collaboration between Guannong and Heze Hongyi Industrial Development Co., Ltd. (Hongyi) showcases the importance of standardized systems in managing risks and facilitating efficient futures transactions in the cotton market [6][8]. Group 4: Future Developments - Guannong plans to expand its service platform to integrate delivery, trading, and supply chain finance, aiming to enhance the scale of warehouse receipt pledges and explore new models for industry integration [7]. - The ongoing reforms in the futures market, including adjustments to delivery standards and the introduction of new hedging tools, are expected to strengthen the position of Xinjiang's cotton industry [8].

Core Points - The company is holding its third extraordinary general meeting of shareholders in 2025 to discuss important matters related to its operations and financial strategies [1][2][3] Meeting Procedures - Shareholders must sign in upon arrival and present valid identification and authorization documents if attending on behalf of others [1][2] - Late arrivals will not be counted in the voting unless approved by the meeting's working group [2] - All attendees have the right to speak, consult, and vote, and must respect the meeting's order and the rights of other shareholders [2][3] - Voting will be conducted through a combination of on-site and online methods, with specific rules regarding the validity of votes [3] Agenda Items - The meeting will review three proposals, including: 1. A proposal to provide guarantees for subsidiaries with a total amount not exceeding 2.37 billion yuan [6][7] 2. A proposal for conducting hedging activities in 2025, with a total margin and premium not exceeding 485.6 million yuan [8][9] 3. A proposal to terminate the construction project in Luntai County due to operational feasibility concerns [9][10] Legal and Organizational Aspects - The company has appointed a law firm to witness the meeting and provide legal opinions [3] - The company reserves the right to refuse entry to unauthorized individuals and to maintain order during the meeting [4][6]

Group 1 - The core viewpoint of the article emphasizes the potential recovery of grain prices in 2025, which is expected to create investment opportunities in the planting sector due to reduced imports of agricultural products and a focus on food security [1][2] - In 2024 and Q1 2025, grain prices such as corn and soybeans are projected to decline initially but then rise, with specific increases noted: corn prices up by 6.4%, soybean meal by 6.5%, wheat by 1.2%, and cottonseed meal by 18.4% in Q1 2025 compared to the beginning of the quarter [1] - The performance of agricultural companies is expected to improve in 2025, driven by rising prices of corn, soybeans, and wheat, with specific mention of Morning Light's recovery due to increased cottonseed meal prices [1] Group 2 - The adjustment of tariffs is anticipated to lead to a decrease in grain imports from the United States, which was valued at $24.9 billion in 2024, thereby enhancing the domestic grain price environment and benefiting the planting industry [2] - The promotion of food self-sufficiency is deemed essential, with advancements in technology such as transgenic and gene editing expected to accelerate, benefiting seed companies with leading technological reserves [2][3] - The performance of seed companies is expected to vary, with strong competitive varieties being a core support for their success [3]