齐鲁晚报.齐鲁壹点记者王颖颖 12月26日，"'十四五'时期山东建设'齐鲁粮仓'新进展"新闻发布会举办。山东省粮食和物资储备局党组书记、局长常绪扩介绍了有关情况。 粮食产业发展能级跃升。全省粮食产业工业总产值连续三年超过5000亿元，占全国八分之一以上，稳居全国首位。深入实施优质粮食工程，推进粮油加工 设备更新，引领粮食产业从规模扩张向提质增效转变，培育发展10个粮食特色产业聚集区，10家企业年营业收入过百亿元，100余家企业过10亿元。实施 提升粮食产业核心竞争力的"粮芯计划"，在全国培育出最长、最完整的小麦绿色循环产业链，一粒小麦能加工成600余种产品；打造"中国食用植物油 田"，年处理油料能力3100万吨，居全国第一，每年供应全国50%以上的花生油、玉米油；发展主食产业新高地，涌现出煎饼、花饽饽等一批区域特色产 品。全力推进"齐鲁粮油"品牌建设，成功举办第三届、第四届山东粮油产业博览会，制定发布15项粮油团体标准，举办品牌推介和展销展示活动110余场 次，"齐鲁粮油"品牌价值达到921亿元，鲁花、中裕、金胜等企业先后荣获省长质量奖，优质粮油畅销全国。 粮食仓储物流设施提档扩容。加大粮食基础设施建设力度， ...

齐鲁晚报.齐鲁壹点记者王颖颖 在12月26日举办的"'十四五'时期山东建设'齐鲁粮仓'新进展"新闻发布会上，山东省粮食和储备局党组书记、局长常绪扩介绍，"十四五"期间，山东把粮 食产业作为工作的重要方面，坚定不移做大做强，取得了显著成效。 科技赋能，激活产业创新动能。实施"粮芯计划"，以科技突破破解产业升级瓶颈，国家粮食和物资储备局认定的小麦、玉米、大豆、高油酸花生油、副产 物食用资源利用五大技术创新中心落地山东，85个省级以上科创平台覆盖全产业链，累计科技投入66.8亿元，开展研发项目1136个，获专利1254项。加快 关键技术突破创新，滨州中裕公司率先从小麦副产物中提取阿拉伯木聚糖，填补国内空白；金胜粮油公司"高油酸花生高质化加工技术"获山东省科技进步 一等奖；长寿花食品公司攻克甘油二酯油生产壁垒，推出甘油二酯含量在40%到80%之间的新型功能性食用油；玉米果糖高效分离技术达到国际先进水 平。聚焦产业数字化升级，建成"好粮有网"互联网平台，遴选12家数字化转型先导企业，引领粮食行业数字化转型。 全链升级，推动"三链协同"发展。延伸产业链，聚焦粮食精深加工与循环利用，粮食深加工产品达600余种，粮食副产物利 ...

Core Insights - The Shandong provincial government is making significant progress in the construction of the "Qilu Granary" during the 14th Five-Year Plan period, focusing on food security and material reserves. Group 1: Food Supply Security - Shandong has effectively ensured stable food supply with an average grain purchase volume exceeding 38 million tons annually and a total grain circulation of over 160 million tons, maintaining market supply and price stability [1] - The province has signed strategic agreements for grain production and sales cooperation with over 20 provinces, optimizing the reserve structure by adding 440,000 tons of provincial reserve grain and 2,200 tons of peanut oil [1] - A comprehensive emergency food supply system has been established, with 3,514 emergency guarantee enterprises and four regional emergency guarantee bases capable of supplying food for 300,000 people for 100 days [1] Group 2: Grain Industry Development - The total industrial output value of Shandong's grain industry has exceeded 500 billion yuan for three consecutive years, accounting for over one-eighth of the national total [2] - The province is promoting the "Grain Core Plan" to enhance the competitiveness of the grain industry, resulting in the development of a complete wheat green circular industry chain and the establishment of 10 grain characteristic industrial clusters [2] - Shandong has become a leading producer of edible vegetable oils, processing 31 million tons of oil annually and supplying over 50% of the national demand for peanut and corn oil [2] Group 3: Storage and Logistics Infrastructure - Shandong has increased grain storage capacity by 10.94 million tons, with total storage capacity reaching a new high of 46.09 million tons [3] - The province is enhancing the structure of grain storage and logistics facilities, with several cities exceeding 400,000 tons in storage capacity [3] - A robust grain logistics network has been established, centered around four national grain logistics hubs and several key nodes [3] Group 4: Information Technology in Grain Management - Shandong has developed a comprehensive grain purchase and storage regulatory information system, achieving full coverage of information management and monitoring in 292 storage areas [4] - The province is implementing the "Smart Granary" project to enhance monitoring efficiency and has established a digital platform covering the entire grain supply chain [4] Group 5: Material Reserve Management - Shandong has strengthened the management of strategic and emergency material reserves, increasing the scale of emergency disaster relief supplies to 760,000 items [5] - The province has established a provincial emergency material reserve base and signed agreements with 21 production enterprises to ensure emergency supply capabilities [5] Group 6: Legal Framework for Food Security - Shandong is implementing a comprehensive legal framework for food security, including the enforcement of the Food Security Law and the establishment of local regulations [6] - The province has conducted extensive inspections and actions against food-related violations, ensuring the protection of the rights of food producers and operators [6]

2025年，供应链各个细分赛道在震荡中再度洗牌。成功者的路径或许相似，但失败的企业却各有各的不幸。 我们梳理了过去一年供应链企业的惨痛经历：有成立20多年的老牌企业，停工停产，创始人被现制高消费；有行业巨头，为了维持表面虚假繁荣而踩红 线，最终收到巨额罚款；还有曾经的赚钱"能手"被第二曲线拖累，苦苦挣扎。 在即将到来的2026年，面对这份来自前人的血泪教训，供应链企业也请自查、自检，莫要重蹈覆辙。 "水牛奶第一股"信披违规，收千万罚单 2025年3月，号称"水牛奶第一股"的皇氏集团收到一张巨额罚单，原因是连续多年在年报中隐瞒重大合同。依据证券法第一百九十七条第二款的规定，公 司及多位高管合计被罚1050万元。 一、对皇氏集团责令改正，给予警告，并处以400万元罚款； 四、对皇氏集团时任董事、副总裁兼皇氏数智法定代表人、执行董事、经理杨洪军给予警告，并处以150万元罚款； 五、对皇氏集团监事会主席石爱萍给予警告，并处以50万元罚款。 皇氏集团为何要隐瞒？业内人分析可能是担心这些重大承诺的披露会暴露其财务风险。 公开信息显示，皇氏集团成立于2001年，是一家以水牛奶特色乳品为核心、以光伏科技赋能乳业的综合性上市公 ...

Financial Data and Key Metrics Changes - The net income per share for Q3 2025 was $0.71, an increase from $0.69 in Q3 2024, reflecting strong performance despite lower prices for ethanol and distillers grains [5][11] - Cash, cash equivalents, and short-term investments totaled approximately $335 million, maintaining a strong financial position with no bank debt [5][11] Business Line Data and Key Metrics Changes - Ethanol sales volumes reached 78.4 million gallons, up from 75.5 million gallons in Q3 2024, while the average selling price decreased to $1.73 per gallon from $1.83 [10] - Dried distillers grains sales volumes were approximately 160,000 tons, with an average selling price of $139.93 per ton, down from 170,000 tons and $147.14 per ton in the prior year [10] - Corn oil sales volumes increased by approximately 17% to 27.4 million pounds, with an average selling price rising by approximately 36%, leading to a 60% increase in sales revenue for corn oil [10] Market Data and Key Metrics Changes - U.S. ethanol exports were approximately 10% ahead of the 2024 pace, with exports 14% higher than the first eight months of 2024 [13] - The USDA projects that corn production in South Dakota and Illinois for the 2025-2026 harvest season will be among the highest in recent years, favoring lower input prices [14] Company Strategy and Development Direction - The company is focused on solidifying its core business of ethanol production and is progressing on the expansion of the One Earth Energy facility to 200 million gallons per year, expected to be completed in 2026 [4][8] - REX is actively engaged in evaluating potential benefits from the 45Z tax credits and is working on its carbon intensity score to qualify for these credits [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational excellence and strategic investments, which have led to superior results and a strong balance sheet [5][12] - The company expects the fourth quarter to generate a higher net profit than the previous year's fourth quarter, positioning itself well for growth in 2026 [15] Other Important Information - The company has invested approximately $155.8 million in carbon capture and ethanol expansion projects, remaining within a combined budget range of $220 million to $230 million for both initiatives [8][9] Q&A Session Summary Question: Thoughts on key hurdles and timing for the 45Z tax credit program - Management is awaiting guidelines from the Treasury and is reviewing calculations with experts, hoping to provide updates in the next quarter [17] Question: Impact of tariffs and crush spreads on the industry - Management noted that tariffs initially impacted exports to Mexico and Canada but have led to increased ethanol exports to Europe and other countries [19][20] Question: Update on the carbon sequestration project and permitting process - Management indicated that the moratorium on pipelines will end on July 1, allowing them to apply for permits thereafter [22] Question: Potential for partnerships regarding carbon capture - Management is focusing on the first well and has been in contact with potential partners but will not negotiate until permits are secured [30]

Core Viewpoint - The article emphasizes the importance of a balanced and nutritious diet during winter to enhance immunity and adapt to colder temperatures, highlighting specific dietary recommendations to prevent common winter illnesses. Group 1: Energy Supply - Adequate energy intake is crucial in winter as the body requires more calories to maintain normal temperature and physiological activities, necessitating an increase in caloric consumption [2] - It is recommended to mix staple foods like rice and grains, incorporating options such as millet, corn, and whole grains to ensure a balanced diet [2] - Daily oil intake should be controlled to below 25 grams, preferably using unsaturated fats from plant oils, while avoiding excessive animal fats [2] Group 2: Protein Intake - Sufficient protein intake is essential for synthesizing antibodies that help the body resist cold and infections, with recommendations to include lean meats, fish, eggs, and dairy in meals [3] - Each meal should ideally contain about one-third of protein, with specific examples provided for breakfast, lunch, and dinner [3] - While animal proteins are generally superior, care should be taken to avoid excessive fat intake, with suggestions for lean cuts of meat [3] Group 3: Vitamins and Minerals - Increased demand for vitamins related to energy metabolism, particularly vitamin B2, is noted, with animal liver, eggs, and milk as good sources [4] - Vitamin C is highlighted for its role in enhancing cold resistance and collagen synthesis, with fresh fruits and vegetables recommended, particularly winter jujubes [5] - Vitamin A is important for maintaining the health of epithelial tissues, with suggestions for daily vegetable intake to ensure adequate levels [5] Group 4: Calcium and Iron - Calcium intake is emphasized, especially for children and the elderly, with dairy products recommended as primary sources [6] - Iron-rich foods are necessary to support blood circulation and immune function, with animal sources being more easily absorbed than plant sources [7] Group 5: Zinc and Dietary Practices - Foods rich in zinc, such as red meat and shellfish, are recommended to reduce infection risk during winter [8] - It is advised to avoid raw and cold foods to prevent gastrointestinal irritation, and to limit the consumption of overly fatty foods to maintain digestive health [9][10]

Investment Rating - The report does not explicitly state an investment rating for Global Bio-chem Technology Group (0809.HK) Core Insights - The company reported a net loss of HKD 155 million for the first half of 2025, despite a revenue increase of 32.0% year-on-year to HKD 1.186 billion and a gross profit increase of 144.2% to HKD 161 million [1][6] - The company is committed to debt capitalization and has successfully capitalized approximately HKD 301 million of supplier debt, reducing the total by about 34.72% [4][20] - The company aims to lower lysine production costs and plans to complete a boiler renovation project by August 2026 [4][20] - The company is exploring partnerships or investors to enhance operational efficiency and restore production at its Xinglongshan facility [4][20] Summary by Sections Latest Developments - In the first half of 2025, the company achieved revenues of HKD 1.186 billion, a 32.0% increase year-on-year, and a gross profit of HKD 161 million, a 144.2% increase year-on-year [1][6] - The EBITDA for the period was approximately HKD 82.3 million, down from HKD 102 million in the previous year, primarily due to the absence of a one-time government subsidy [1][6] Business Strategy - The company has completed a share issuance to capitalize on supplier debt, resulting in the conversion of HKD 4.61 billion in supplier debt to equity [4][20] - The company is focused on reducing lysine production costs through process optimization and aims to complete a boiler renovation project by August 2026 [4][20] - The company is actively seeking business alliances or investors to enhance operational efficiency and restore production at its Xinglongshan facility [4][20] Market Position - The company is a pioneer in corn refining and biochemical product manufacturing in Asia, with a goal to become the largest integrated manufacturer of corn-based biochemical products in the Asia-Pacific region [5][6] - The company has seen a significant increase in the sales volume of its amino acid segment, which rose by approximately 52.0% to about 187,000 tons [6][10] - The average operating rate for corn starch production in China reached 69.26% in 2024, up from 61.67% in 2023, indicating a positive trend in the upstream corn refining sector [11][12] Financial Performance - The gross profit margin improved from 7.3% in the first half of 2024 to 13.6% in the first half of 2025, reflecting enhanced operational efficiency [16][17] - The company’s administrative and other expenses decreased significantly following the sale of a subsidiary, contributing to improved cash flow and liquidity [16][17] Industry Trends - The global corn production for the 2025/26 season is projected to increase to 1.264 billion tons, driven by expanded planting areas in the U.S. [11][12] - Domestic corn prices in China have been rising steadily, with prices increasing from RMB 2,075 per ton in January 2025 to RMB 2,447 per ton by June 2025 [12][16] - The lysine market is experiencing volatility due to international trade policy uncertainties, with a 5.0% decline in China's lysine export volume in the first half of 2025 [17][18]

Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is rated as neutral [2][3] Core Viewpoints - The market demand for oilseeds is weak, and the prices are stable. The trading of soybeans and peanuts is light, with prices under pressure and mainly showing a volatile trend [1][2] Summary by Related Catalogs Soybean - **Market Analysis** - Futures: The closing price of the soybean 2601 contract was 4108.00 yuan/ton, a change of -42.00 yuan/ton from the previous day, a decrease of -1.01% [1] - Spot: The edible soybean spot basis was A01 - 8, a change of +42 from the previous day, an increase of 32.14%. The prices of soybeans in Northeast China were stable, but the trading of grain traders was light, and the prices still faced pressure. In the inner - region producing areas, high - quality soybeans commanded high prices, and the purchase prices of grain trading enterprises were firm, but downstream buyers were reluctant to accept high - priced goods, and the purchasing and selling rhythm was slow [1] - Market Information: The loading prices of national standard first - class soybeans with 39% protein in various markets in Heilongjiang remained unchanged compared with the previous day [1] Peanut - **Market Analysis** - Futures: The closing price of the peanut 2601 contract was 7942.00 yuan/ton, a change of +98.00 yuan/ton from the previous day, an increase of +1.25% [2] - Spot: The average spot price of peanuts was 8250.00 yuan/ton, a change of +10.00 yuan/ton from the previous day, an increase of +0.12%. The spot basis was PK01 - 942.00, a change of -98.00 from the previous day, an increase of 11.61% [2] - Market Information: The prices of domestic first - class ordinary peanut oil and small - pressed fragrant peanut oil remained unchanged. Among related oils, the spot price of national first - class sunflower oil decreased by 100 yuan/ton, and the price difference with peanut oil increased by 100 yuan/ton; the spot price of first - class corn oil remained unchanged, and the price difference with peanut oil remained the same. Currently, the inventory of oil mills in the market is not high, but consumption is limited, the market trading is light, and the upward momentum is insufficient, so the prices are mainly volatile [2]

Group 1 - The core viewpoint of the news is that Xiwang Food's stock has shown a recent upward trend despite a year-to-date decline, with significant trading activity and changes in shareholder structure [1][2]. - As of November 13, Xiwang Food's stock price increased by 2.02% to 3.54 CNY per share, with a total market capitalization of 3.821 billion CNY [1]. - The company has experienced a year-to-date stock price decline of 1.67%, but has seen a 7.60% increase over the last five trading days and a 14.94% increase over the last 20 days [1]. Group 2 - For the period from January to September 2025, Xiwang Food reported a revenue of 3.507 billion CNY, representing a year-on-year decrease of 8.04%, and a net profit attributable to shareholders of 2.2219 million CNY, down 96.45% year-on-year [2]. - The company has a total of 46,900 shareholders as of September 30, which is a decrease of 19.99% from the previous period, while the average circulating shares per person increased by 24.99% to 22,997 shares [2]. - Xiwang Food has cumulatively distributed 370 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3].

Core Insights - The article highlights the development of the "Grain and Oil Golden Triangle (China·Binzhou)" regional public brand, which aims to enhance the high-quality development of the grain industry in Binzhou, Shandong Province, leading to significant economic contributions [1][2]. Group 1: Brand Development - The "Grain and Oil Golden Triangle" brand was established to fill the gap in regional public brand construction in Shandong's grain industry, creating a public brand alongside multiple enterprise brands and products [2]. - Binzhou's grain and oil food industry has achieved notable recognition, with 11 China famous trademarks and 25 Shandong famous trademarks, and 33 products recognized as "China Good Grain and Oil," accounting for 6% of the national total [2]. Group 2: Marketing Strategies - A comprehensive marketing strategy has been implemented, utilizing both online and offline channels to promote the brand, including partnerships with major e-commerce platforms and live streaming services [3]. - The city has organized various promotional events and exhibitions to enhance brand visibility, with significant participation from leading enterprises in national and international trade fairs [3]. Group 3: Industrial Development - Binzhou has established four major grain and oil processing sectors, contributing to a total grain processing volume of 15 million tons annually, with a comprehensive utilization rate exceeding 98% [4]. - The city is home to 201 large-scale grain and oil processing enterprises, including six with sales exceeding 10 billion yuan, and two listed among the national top 500 enterprises [4]. Group 4: Technological Innovation - The region has developed four national-level grain processing technology innovation centers, completing 165 research projects and significantly enhancing research capabilities [5]. - Binzhou's grain industry holds 11 national laboratories and has been awarded 762 national patents, contributing to the establishment of numerous industry standards [5].