设立"滨州企业日"，连续七年举办企业家大会，实施"成就企业家梦想行动"……一系列创新举措背后，是滨州将民营经济纳入全市发展战略的深远考量。 2025年上半年，滨州交出一份亮眼的"经济答卷"：全市生产总值1695.54亿元，同比增长6.1%。其中，规模以上工业增加值同比增长7.4%，私营企业增长 12.4%。 扎根滨州 黄河之畔，渤海之滨，山东滨州——这座致力为企业家圆梦的城市，正以系统思维和创新服务，回应中共中央办公厅、国务院办公厅印发的《提振消费专项 行动方案》中"持续优化营商环境"的国家部署，推动民营经济与城市发展共生共荣。 在滨州，企业家不仅是市场经济的重要主体，更是这座城市的"英雄"。 "我们能明显感受到被尊重、被支持、被需要的温暖。"滨州中裕食品有限公司总经理张志军如是说。在第七届滨州市企业家大会暨"滨企创世界"工作推进会 上，他再度荣获优秀企业家"金狮奖"，这也是他连续第七次获此殊荣。"这份荣誉于我而言，是鼓励与鞭策，更是责任与使命。"张志军感慨道。 企业家是城市发展的"活力源"。近年来，滨州通过造氛围、强培育、优服务，让企业家安心创业、放心发展。连续七年召开企业家大会，累计表彰852名优 秀企业 ...

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - Despite the overall increase in new - grain production, the grain quality in North China and other regions is severely differentiated. The market favors high - quality corn from Northeast China. New - grain sales are relatively fast, and demand is strong. It is recommended that grain - using enterprises purchase at low prices and moderately increase safety reserves, while traders should buy low and sell high [6]. Group 3: Summary by Related Content Market Price and Basis - The main corn 2601 contract continued to rebound. The spot price increased, with the FOB price of corn in Bayuquan rising from 2,165 yuan/ton to around 2,205 yuan/ton, an increase of 40 yuan/ton, and the arrival price of corn in Shekou Port rising from 2,250 yuan/ton to around 2,330 yuan/ton, an increase of 80 yuan/ton. The corn basis first weakened and then strengthened, with the futures slightly at a discount. The main starch 2601 contract continued to rebound. The starch price of Weifang Jinyu remained stable at around 2,800 yuan/ton, and the basis fluctuated weakly [4]. Supply Side - Farmers are somewhat reluctant to sell, but new - grain sales are still fast. The national corn output increased to 300 million tons, 500,000 tons higher than the same period last year. Due to the differentiation of grain quality in North China and other regions, the market mostly stocks up in Northeast China. The price increase in the Northeast region has made farmers reluctant to sell, and it is easier to store after the temperature drops. As of November 13, the national new - grain sales progress was 24%, 1% faster than the same period last year. Among them, the sales progress in the Northeast region was 19%, 2% faster than the same period last year; in North China, it was 23%, the same as the same period last year; in Northwest China, it was 46%, 3% faster than the same period last year. At the new - grain listing node, imported corn was auctioned again, and Sinograin entered the market to purchase for rotation, which affected the new - grain purchase and sales rhythm [4]. Demand and Inventory - After the corn price increase, downstream enterprises slowed down their procurement. As of November 7, the corn inventory in the northern ports was 1.071 million tons and continued to rise, while the weekly shipping volume was 582,000 tons, a decrease from the previous week. The domestic - trade corn inventory in Guangdong Port was 454,000 tons, and the foreign - trade corn inventory was 412,000 tons, both rising from the previous week. As of November 14, the corn inventory of deep - processing enterprises was 273,500 tons, a decrease from the previous week, and the corn inventory of feed enterprises was 25.61 days, an increase from the previous week [5]. Substitute and Import - There is a lack of grain substitution, and imports remain at a low level. The price difference between wheat and corn remains above 200 yuan, so wheat does not have a substitution advantage. Domestic corn imports remain at a low level. However, Sino - US trade is improving, and mutual tax cuts have been implemented, with a basic tariff of 10% still retained. There is a possibility of replenishing and rotating imported corn due to the auction of imported corn in the domestic market [5]. External Market - The US corn in the external market fluctuated and rebounded. The US government will end the shutdown, and the US Department of Agriculture will release the latest supply - demand report. The US corn harvest may be basically over, with high production pressure. Attention should be paid to the possibility of China importing US corn [5]. Downstream Demand - Feed demand is strong, and deep - processing demand is good. Pig prices are low, and pig farming continues to incur losses. As of November 14, the profit of purchasing piglets for fattening was - 205.64 yuan per head, and the self - breeding and self - fattening profit was - 114.81 yuan per head. The adjustment of the productive sow capacity is slow. In September, the national productive sow inventory was 40.35 million heads, a decrease of 30,000 heads from the previous month, far from the regulatory target. Market pressure on pigs for slaughter and secondary fattening increased. At the end of the third quarter, the live - pig inventory was 436.8 million heads, a 29% increase from the previous quarter and a 23% increase from the same period last year. In the short term, the inventory is difficult to reduce. In the poultry sector, egg prices have fallen again, and egg - chicken farming continues to incur losses. The sales volume of chicks has decreased, and the culling of old chickens has increased. In October, the inventory of laying hens decreased slightly. Feed demand remains strong. Deep - processing enterprises have good demand. Starch - processing enterprises continue to make profits, and the operating rate is rising. As of November 14, the operating rate of starch - processing enterprises was 63.48% and continued to rise. Starch inventory remains at a high level. Alcohol - processing enterprises are suffering large losses, and the operating rate remains high at 67.29%. The operating rate of downstream starch - sugar enterprises has stabilized, and the operating rate of paper - making enterprises is relatively strong [6].

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-054 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 注 2： 2025年1-9月主要产品价格同比有较大变化，其中：脂肪胺产品价格下降 5.26%，有机溶剂产品价格下降21.25%，合成香料产品价格下降2.63%。 2025年1-9月主要经营数据公告 一、主要产品的产量、销量及收入实现情况 | 产品大类 | 产量（吨） | 销售数量（吨） | 销售金额（万元） | | --- | --- | --- | --- | | 脂肪胺 | 101,489.71 | 101,435.66 | 111,717.21 | | 有机溶剂 | 41,419.51 | 41,843.65 | 26,989.43 | | 合成香料 | 20,485.10 | 17,636.02 | 58,425.70 | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 注 1： 上述产量、销量为折百数 ...

| A B | | | | | | | --- | --- | --- | --- | --- | --- | | | 股证券代码：600610 股证券代码：900906 | | | | | | | | A B | | | | | | | | 股证券简称：中毅达 股证券简称：中毅达 | | | | | | | | B | 公告编号：2025-055 | | 主要原材料 | 2025 年 1-9 | 月平均 | 2024 年 | 1-9 | 月平均 | 变动比例（%） | | --- | --- | --- | --- | --- | --- | --- | | | 采购价（元/吨） | | 采购价（元/吨） | | | | | 液碱 | 920.83 | | 886.34 | | | 3.89 | | 甲醇 | 2,112.36 | | 2,195.09 | | | -3.77 | | 正丁醛 | 5,655.34 | | 7,104.74 | | | -20.40 | | 玉米 | 2,068.59 | | 2,181.15 | | | -5.16 | | 原煤 | 373.84 | | 406.68 | ...

Core Viewpoint - Zhongyida (600610) reported a significant increase in net profit for Q3 2025, driven by higher prices of its products and adjustments in production plans [1] Financial Performance - Q3 revenue reached 260 million yuan, representing a year-on-year growth of 5.84% [1] - Net profit for Q3 was 5.571 million yuan, showing a remarkable year-on-year increase of 759.72% [1] - For the first three quarters, net profit amounted to 45.1059 million yuan, indicating a turnaround from losses in the previous year [1] Product and Market Impact - The increase in net profit was primarily attributed to a significant rise in the prices of the company's pentanediol series products, which boosted the gross margin [1] - The company made reasonable adjustments to the production plans for alcohol and other products that were operating at a loss, which contributed to reducing losses [1]

Core Insights - The company Zhongyida (600610.SH) reported a significant increase in net profit for Q3 2025, with a year-on-year growth of 759.72% [2] - The revenue for Q3 2025 reached 260 million yuan, marking a 5.84% increase compared to the same period last year [2] - For the first three quarters of 2025, the company experienced a decline in revenue by 6.07%, totaling 762 million yuan, while net profit stood at 45.11 million yuan [2] Financial Performance - Q3 2025 revenue: 260 million yuan, up 5.84% year-on-year [2] - Q3 2025 net profit: 5.57 million yuan, up 759.72% year-on-year [2] - First three quarters 2025 revenue: 762 million yuan, down 6.07% year-on-year [2] - First three quarters 2025 net profit: 45.11 million yuan [2] Operational Factors - The substantial growth in net profit is attributed to the price increase of the company's pentanediol series products, which led to an improvement in gross margin [2] - The company optimized production plans for alcohol and other facilities that were previously operating at a loss, contributing to reduced losses [2]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View New grain harvest is in the second half, with significant pressure from increased production in Northeast China and damaged grain quality due to mold in North China. Demand is strong, and there may be a shortage of high - quality corn in the later period. It is recommended that deep - processing enterprises buy corn on dips, feed enterprises buy high - quality wet grain on dips, and traders make purchases as needed [7]. 3. Summary by Related Content Market Price and Basis - Corn main contract 2601 oscillated and stabilized. Spot prices were stable with a slight increase. The flat - hatch price of corn in Bayuquan rose from 2150 yuan/ton to around 2180 yuan/ton, and the arrival price of corn at Shekou Port remained stable at around 2310 yuan/ton. The corn basis oscillated, with the futures slightly at a discount. - Starch main contract 2601 stopped falling and rebounded. The starch price of Weifang Jinyu remained stable at around 2800 yuan/ton, and the basis weakened oscillating [4]. Supply - side Situation - **Grain Quality Differentiation**: In the second half of the autumn harvest, grain quality differentiated. Corn production increased in Northeast China, and the harvest was nearing completion with good quality but pressure from increased supply. In North China and the Huang - Huai region, previous continuous rainy weather led to poor grain quality such as mold and germination. High - quality corn in Northeast China was favored, and the public auction of China Grain Reserves Corporation had a large - volume transaction. On October 20, 14,217 tons were put up for auction and all were sold [4]. - **Channel Inventory**: As of October 17, the corn inventory in the northern ports was 959,000 tons and continued to rise; the weekly shipping volume reached a high of 804,000 tons. The domestic - trade corn inventory in Guangdong Port continued to decline to 118,000 tons, while the foreign - trade corn inventory rebounded to 362,000 tons. The inventory of downstream enterprises varied. The corn inventory of deep - processing enterprises increased, reaching 2.622 million tons as of October 24, while the corn inventory of feed enterprises decreased to 24.04 days, remaining at a low level in recent years [5]. - **Grain Substitution and Imports**: The price difference between wheat and corn widened to around 200, and wheat lost its substitution advantage. The auction of policy rice stopped. Domestic corn imports remained at a low level. In September, 60,000 tons of corn were imported, a year - on - year decrease of 80.7%; from January to September, a total of 936,000 tons of corn were imported, a year - on - year decrease of 92.7%. Due to the uncertainty of Sino - US trade negotiations, imports were expected to remain low [5]. - **Foreign Market**: The US corn in the foreign market oscillated and rebounded. There was significant pressure from the concentrated harvest of US corn, and production increased. Due to the US government shutdown, the US Department of Agriculture's reports were suspended [5]. Demand - side Situation - **Feed Demand**: Pig prices were low, and pig farming suffered large losses. As of October 17, the profit of purchasing piglets for fattening was - 375.29 yuan per head, and the self - breeding and self - fattening profit was - 244.7 yuan per head. Even leading pig enterprises such as Muyuan had started to incur losses. Policy regulation of production capacity was lagging and insufficient, and short - term inventory reduction was difficult. Although the inventory of breeding sows had been adjusted downward, the adjustment was small, and the overall progress was slow, far from the regulation target. Pig inventory might still increase inertia. In the poultry sector, egg prices fell again, and egg - chicken farming suffered losses again. The inventory of laying hens in production increased in September. The loss and cycle of egg - chicken farming were insufficient, leading to a delay in production - capacity adjustment. In September, the feed production volume was 30.36 million tons, a month - on - month increase of 3.4% and a year - on - year increase of 7.9%; from January to September, the cumulative production volume was 246.54 million tons, a year - on - year increase of 8.9%. Feed demand remained strong [6]. - **Deep - processing Demand**: The demand of deep - processing enterprises might pick up, and the peak season was gradually approaching. A large amount of low - priced moldy corn could only enter the deep - processing sector, significantly reducing the cost of deep - processing enterprises. The starch - processing profit was fully profitable, and the operating rate increased. As of October 17, the operating rate of starch - processing enterprises was 55.62%, showing an overall upward trend recently. Starch inventory decreased. Some alcohol - processing enterprises had profits, and the operating rate increased to 61.67%, also showing an overall upward trend recently. The operating rate of downstream starch - sugar enterprises was weak, while that of paper - making enterprises was strong [7].

Core Viewpoint - The World Health Organization (WHO) has launched the "3by35" initiative, urging countries to implement health taxes to increase the actual prices of tobacco, alcohol, and sugary drinks by at least 50% by 2035, aiming to curb chronic diseases and generate significant public revenue [1][7]. Group 1: Health Tax Implementation - Health taxes are levied on products that negatively impact public health, with China already taxing tobacco and alcohol, but the effectiveness in changing consumption behavior remains limited [1][3]. - Experts suggest that China should regularly increase tobacco tax rates every 1-2 years to counteract the increasing affordability of tobacco products [2][3]. - The average tax share of tobacco products in China is around 52%, which is below the global average of 62.6% [3][4]. Group 2: Tobacco and Alcohol Taxation - Tobacco tax is considered the most effective measure for tobacco control, with a 10% price increase leading to a 4-8% decrease in consumption, especially among low-income groups [2][5]. - The current alcohol tax rate in China is 15.6%, significantly lower than the average of 25.9% in upper-middle-income countries, indicating room for improvement [4][5]. - The reliance on ad valorem taxes (based on price) rather than specific taxes (based on quantity) for tobacco and alcohol in China is highlighted as a potential area for reform [4][5]. Group 3: Economic Impact of Tobacco Use - In 2020, tobacco use caused direct and indirect economic losses in China amounting to 24.3 trillion yuan, far exceeding the tax revenue from the tobacco industry of 15.2 trillion yuan [6]. - The dual benefit of increasing tobacco taxes is emphasized, where higher prices lead to reduced consumption and increased government revenue [5][6]. Group 4: Sugary Drink Taxation - WHO's initiative also calls for the taxation of sugary drinks, with 59.1% of the global population currently covered by such taxes [7][10]. - The potential for a sugary drink tax in China faces challenges, including the need for social consensus and a well-defined administrative framework [8][9]. - The definition of sugary drinks by WHO includes all beverages containing free sugars, suggesting that even natural fruit juices should be considered for taxation [9][10].

Core Insights - UK food and drink export volumes increased by 7.2% to 4.5 billion kilograms in the first half of 2025, with a notable recovery in the EU and double-digit growth in the US [1][2] - The value of UK food and beverage exports reached £12.4 billion ($16.5 billion), marking a 6.8% year-on-year increase, with non-alcoholic exports rising by 8.4% to £8.9 billion [2][3] - Exports to the US surged by 18.9% to £1.4 billion despite a 10% tariff, indicating a competitive advantage in certain food and drink categories [3][4] Export Performance - Shipments to the EU, the UK's largest trading partner, increased by 4.2% in value to £7.1 billion, while exports to non-EU countries rose by 10.6% to £5.3 billion [2][5] - Exports to New Zealand grew by 19.7% following the Australia-New Zealand trade deal, and shipments to India increased by 11.6% to £148.7 million [5][6] Future Outlook - A UK-India free trade agreement signed in July 2025 is anticipated to reduce or eliminate certain Indian tariffs in 2026, potentially boosting growth over the next decade [6] - The Food and Drink Federation (FDF) highlighted the first-half trade performance as "green shoots" after a stagnant previous year, urging collaboration between government and industry to sustain this growth [7]

Core Viewpoint - The recent incident involving a 52-year-old woman in Hangzhou who died after accidentally stepping on hydrofluoric acid has raised public awareness about hazardous chemicals commonly found in households [1] Group 1: Household Cleaning Products - Various household cleaning agents, including chlorine disinfectants, acidic cleaners, and alkaline detergents, pose significant risks if not handled properly. Many consumers neglect safety warnings such as "wear gloves" on product labels [2][3] - 84 disinfectant, a typical chlorine disinfectant, contains sodium hypochlorite, which is highly corrosive and can cause skin burns upon direct contact. Most packaging includes safety instructions to dilute properly and wear rubber gloves [2] - Acidic cleaners like toilet bowl cleaners can cause severe skin irritation and chemical burns if touched. Prolonged contact may damage the skin's barrier and lead to blisters or scarring [2][3] Group 2: Alkaline Cleaning Agents - Alkaline cleaning agents, such as sodium hydroxide, are commonly used for cleaning greasy cookware and unclogging drains. Direct skin contact can lead to skin barrier damage or severe burns [3] - It is crucial to follow usage instructions carefully, especially when using alkaline drain cleaners, as improper handling can cause violent reactions and splattering, resulting in serious injuries [3] Group 3: Chemical Interactions - Mixing acidic toilet cleaners with chlorine disinfectants can produce toxic chlorine gas, which can irritate the respiratory system and lead to severe health issues [3] Group 4: Personal Care Products - Some personal care products, such as nail polish and remover, contain harmful substances like formaldehyde and acetone, which are flammable and can irritate the skin [5] - Hair sprays and gels contain organic solvents that are also flammable, necessitating caution during use and storage to avoid fire hazards [6] Group 5: Dry Ice Risks - Dry ice, commonly used in cold chain transport and restaurant settings, can cause "frostbite" injuries if handled improperly. Direct contact with skin can lead to severe cold burns [7] Group 6: Storage and Safety - Household chemicals should be stored in a cool, dry, and ventilated area, away from children and pets. It is advisable to purchase only short-term quantities to minimize risks associated with long-term storage [8] - Proper labeling and storage in original containers are essential to prevent accidental misuse. Expired or unused chemicals should be disposed of according to hazardous waste guidelines to avoid environmental contamination [8]