近日，多部门重磅频发，我们一起关注下吧↓ 01 治理价格无序竞争 维护良好市场价格秩序 为深入贯彻落实党中央、国务院决策部署，依法依规治理企业无序竞争，近日，国家发展改革委、市场监管总局发布《关于治理价格无序竞争 维护良好 市场价格秩序的公告》（以下简称公告）。 公告提出，价格竞争是市场竞争的重要方式之一，但无序竞争会对行业发展、产品创新、质量安全等造成负面影响，不利于国民经济健康发展。国家支持 公平、公开、合法的市场竞争，维护正常的价格秩序。实行市场调节价的商品和服务，经营者应当按照价格法规定，遵循公平、合法和诚实信用的原则， 以生产经营成本和市场供求状况为基本依据，依法行使自主定价权，自觉维护市场价格秩序，共同营造公平竞争、有序竞争的市场环境。【相关报道：】 02 2027年买新能源车购置税减免有新要求 工业和信息化部、财政部、税务总局等三部门近日联合公告2026—2027年减免车辆购置税新能源汽车产品技术要求，明确纯电动乘用车、插电式（含增程 式）混合动力乘用车有关技术要求调整等情况。2026年1月1日起，列入《减免车辆购置税的新能源汽车车型目录》的车型，需符合本公告要求。2026年1 月1日（含）起， ...

上市企业：中粮糖业（600737），广农糖业（000911） 相关报告：智研咨询发布的《2025-2031年中国食糖行业市场全景评估及投资前景规划报告》 根据中国海关数据显示：2025年8月中国食糖进口数量为83万吨，同比增长7.5%，进口金额为3.56亿美 元，同比下降7%。 近一年中国食糖进口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

2025年9月第4周，共计20个工作日，巴西累计装出白糖291.59万吨，去年9月为387.95万吨。日均装运量 为14.58万吨/日，较去年9月的18.47万吨/日减少21.08%。 消息面 广发期货： 新榨季内蒙古、新疆已经开榨，预计下周新糖就会上市销售，给现货市场一定的压力。国内市场交投情 绪趋于谨慎，同时随着本轮双节备货结束，整体购销氛围相对清淡。预计整体维持偏弱走势。四季度策 略：保持偏空思路，但考虑到价格下跌较多，谨慎追空，以反弹偏空交易为主。 华联期货： 市场方面，巴西25/26榨季压榨高峰期的制糖比仍然持续偏高，远高于历史同期，巴西糖厂的制糖偏好 明显；北半球25/26榨季的产量预期乐观，供需格局趋向宽松。叠加7月增量进口，国内食糖供需压力进 一步增大。国内临近假期，商品市场整体氛围还是偏弱。目前北方甜菜糖产区已经有糖厂开榨，预计国 内食糖25/26榨季产量或平稳略增，进口糖近期大量到港，国内食糖供应压力继续增加，国内供需基本 面持续趋向宽松，中期需要关注甘蔗糖新糖开榨前的旧糖去库情况，或影响波段行情的时间节奏。原糖 趋势方向未改之前，预计国内糖价维持低位震荡走势。操作上建议适当短空，郑糖26 ...

Industry Rating - The report maintains an "Outperform" rating for the agricultural sector [1] Core Insights - Global food prices showed structural increases in August 2025, with marginal declines in grain and dairy prices. The FAO reported an average global food price index of 130.1, remaining stable month-on-month but up 6.9% year-on-year [2][8] - Domestic grain prices are influenced by the new crop listings, with wheat and corn being closely monitored. The soybean market is affected by trade relations and biofuel policies [3] Summary by Sections Global Grain Price Analysis - The global grain price index averaged 105.6 in August 2025, down 0.8% month-on-month and 4.5% year-on-year, indicating ample supply and weak import sentiment [10] - The global corn price has risen for three consecutive months due to adverse weather affecting EU corn yields and increased demand for animal feed and ethanol processing in the US [10] Domestic Grain Price Analysis - The new season's wheat production is expected to be lower than anticipated, maintaining a supply surplus. The actual sowing area for winter wheat in 2025 is 33.9 million acres, a slight increase from the previous year [5][19] - The domestic corn market is projected to strengthen in the second half of 2025, with new corn listings expected to impact prices significantly [34][46] Investment Recommendations - Focus on seed companies due to their correlation with grain prices, with recommendations for companies like Longping High-Tech, Dabeinong, and Qianyuan High-Tech. The seed sector is currently at a low profitability point, awaiting a cyclical rebound [4] - In the grain and oil sector, attention should be paid to tariff price transmission for high-import-dependent varieties, with recommendations for companies like Suqian Agricultural Development and Beidahuang [4] - The agricultural water conservancy sector is expected to benefit from significant construction funding, with a recommendation for Dayu Water-saving [4] Supply and Demand Analysis - For wheat, the global production forecast for 2025/26 is 816 million tons, with a consumption increase of 11.4 million tons. The ending stock is projected at 264 million tons, reflecting a slight increase from the previous year [11] - The global corn production forecast for 2025/26 is 1.287 billion tons, with consumption rising by 31.4 million tons. The ending stock is expected to decrease to 281 million tons [11] - The global rice production is estimated at 541 million tons for 2025/26, with a consumption increase of 9.81 million tons, leading to a slight decrease in ending stocks [11] Domestic Supply and Demand Analysis - Domestic wheat production for 2025/26 is forecasted at 141.29 million tons, with a consumption increase of 2.4%. The import volume is expected to decrease significantly [20][23] - Domestic corn production is projected at 296.16 million tons, with consumption remaining stable. The import volume is expected to stay low, reflecting a tightening supply-demand balance [34][37] - Domestic rice production is expected to reach 208.58 million tons, with a slight increase in consumption. The rice market is projected to face downward pressure due to oversupply and changing consumption patterns [51][55]

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [19] Core Views - The company's performance aligns with forecasts, with a narrowing decline in earnings for Q2 2025. For the first half of 2025, the company reported revenue of 11.767 billion yuan, a year-on-year decrease of 21.32%, and a net profit attributable to shareholders of 445 million yuan, down 48.42% year-on-year [5][6] - The industry is experiencing a downturn, with increased production year-on-year. The international sugar prices have shown significant volatility, while domestic sugar prices have remained relatively stable due to a slowdown in import supply [7] - The company's main business revenue has declined, but breakthroughs have been achieved in specific product categories. The sugar business revenue was 10.594 billion yuan, accounting for 90.03% of total revenue, with a year-on-year decrease of 22.12% [7][8] Financial Performance Summary - For Q2 2025, the company achieved revenue of 6.730 billion yuan, a year-on-year decline of 5.80%, and a net profit of 268 million yuan, down 36.54% year-on-year [5] - The gross margin for the first half of 2025 was 8.49%, a decrease of 1.93 percentage points year-on-year, while the net margin was 3.85%, down 2.01 percentage points year-on-year [10] - The company’s debt-to-asset ratio stood at 48.04% as of mid-2025, an increase of 6.56 percentage points compared to the end of 2024 [10] Future Earnings Projections - The company is expected to achieve net profits of 1.298 billion yuan, 1.892 billion yuan, and 2.029 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.61 yuan, 0.88 yuan, and 0.95 yuan [10][11] - The current stock price corresponds to a PE ratio of 27.67 for 2025, 18.98 for 2026, and 17.70 for 2027, indicating that the company is within a reasonable valuation range [10][11]

印度政府高级官员近日在一次国际糖业会议上正式确认，印度计划从2025年10月开始的新榨季恢复食糖 出口。 （文章来源：新华财经） 恢复出口不仅有助于平衡印度国内市场，确保蔗农获得最低保障价格，同时也预计将增加全球食糖市场 供应量，可能对当前国际糖价形成下行压力。 全球市场参与者正密切关注印度政府后续将公布的具体出口配额数量。 业内人士分析认为，印度重返国际糖业贸易市场将对全球糖价形成下行压力，同时有助于保障该国蔗农 收益。值得注意的是，尽管当前年度印度仅批准100万吨出口配额，但新榨季预期的800万吨结转库存为 其提供了出口决策的坚实基础。 此外，印度甘蔗转化乙醇产能预计突破48亿升历史新高，展示了印度在粮食安全与能源领域的战略布 局。 作为全球第二大产糖国，印度重返国际食糖贸易舞台，预计将对国际糖市产生影响。 印度食品与公共部联合秘书Ashwini Srivastava明确指出，基于对新榨季产量的乐观预测，在满足国内约 2900万吨的消费需求以及创纪录的乙醇生产需求后，印度将拥有充足的食糖配额用于出口。 行业数据显示，2025/26年度印度食糖产量预计达3490万吨，远超国内2850万至2900万吨的消费需 ...

Core Points - The State Administration for Market Regulation (SAMR) is drafting regulations to standardize the bulk transportation of key liquid foods, aiming to enhance food safety through a licensing and management system [1][3][4] Group 1: Licensing and Management Regulations - A draft titled "Directory of Key Liquid Foods for Road Bulk Transportation Licensing System" has been released, proposing licensing management for key liquid food categories including edible vegetable oils, seasonings, alcoholic beverages, sugar, and starch sugars [3] - The proposed regulations will implement a licensing system for the transportation of specific liquid food varieties, detailing the types of food, transportation methods, and suitable containers for transportation [3] Group 2: Responsibilities and Risk Management - The "Management Measures for Road Bulk Transportation of Key Liquid Foods" draft outlines a responsibility framework for shippers, carriers, and receivers to ensure food safety throughout the transportation process [4] - The draft emphasizes the need for each party to fulfill their responsibilities and enhance supervision to mitigate risks associated with the transportation process [4] Group 3: Record Keeping and Information Management - The "Work Specification for Management of Liquid Food Road Bulk Transportation Waybills" draft mandates comprehensive record-keeping of food types, quantities, transportation information, seal status, and inspection results [5] - A standardized waybill must be filled out by all parties involved, ensuring thorough documentation of transportation information and cleanliness records [5]

Core Insights - The article highlights the rapid development of the Nanning International Railway Port and its role in enhancing trade connectivity with ASEAN countries, showcasing significant growth in cargo transportation and infrastructure improvements. Group 1: Transportation Growth - The cargo volume from Nanning International Railway Port increased from 993,000 tons to 9.9 million tons during the 14th Five-Year Plan, with an average annual growth rate of 77.69% [1] - The highway mileage expanded from 943 kilometers in 2020 to 1,501 kilometers by 2024, significantly improving service capacity [1] - High-speed rail operational mileage grew from 355 kilometers in 2020 to 659 kilometers by 2024, enabling interconnectivity with 13 cities in the region and 18 provincial capitals [1] Group 2: Water and Air Transport Development - The construction of 5,000-ton and 3,000-ton waterways is accelerating, with the completion of the West Jin Water Conservancy Hub's second ship lock allowing 2,000-ton vessels to directly reach the Guangdong-Hong Kong-Macao Greater Bay Area [2] - Nanning Airport's international cargo throughput is projected to reach 108,000 tons in 2024, reflecting a year-on-year increase of 23.3% [2] Group 3: Logistics and Customs Efficiency - The "Nanning Channel" has diversified its cargo sources, now including coal, minerals, agricultural products, and machinery, enhancing Guangxi's international market presence [3] - The "Smart Customs" project simplifies logistics processes, reducing customs verification time by over 90% [3] - The establishment of a "fast track" for customs clearance has cut inspection preparation time from 2-3 days to half a day [4] Group 4: Passenger Services Enhancement - Nanning's passenger service staff have undergone training in multiple languages to provide better service to travelers [5] - The new T3 terminal at Nanning Wuxu Airport, expected to open in 2027, will enhance passenger experience through innovative air-rail interconnectivity [6] - Future plans include strengthening connectivity with ASEAN countries across various transport modes [6]

Group 1: Corn Market - The Ministry of Agriculture and Rural Affairs maintains the corn supply and demand forecast for 2025/26 consistent with the previous month, while reducing the 2024/25 corn import estimate to 3 million tons due to import quota management and tariffs imposed by the U.S. [1] - Domestic corn production conditions are favorable, with good growth expected in September, although there are concerns about excess rainfall in certain regions leading to potential lodging risks [1] - The new corn harvest is approaching, and traders are actively selling their remaining stocks, resulting in stable but slightly weak prices for old corn [1] Group 2: Soybean Market - The soybean import estimate for 2024/25 is raised to 104 million tons, an increase of 5.76 million tons from the previous month, driven by improved crushing margins for oil mills [2] - The soybean crushing volume is adjusted upwards to 98.89 million tons, with overall crop growth in major production areas being normal and favorable [2] - The supply and demand forecast for 2025/26 remains unchanged from the previous month [2] Group 3: Cotton Market - The average price for domestic 3128B grade cotton for the 2024/25 market year is reported at 14,963 yuan per ton, with the Cotlook A index averaging 79 cents per pound, both within estimated ranges [2] - The cotton import estimate for 2024/25 is lowered to 1.05 million tons, with ending stocks adjusted down to 7.88 million tons [2] - The cotton yield for 2025/26 is increased to 2,211 kg per hectare, with total production raised to 6.36 million tons, supported by favorable weather conditions [2] Group 4: Edible Oil Market - The edible oil production estimate for 2024/25 is raised by 730,000 tons due to increased soybean imports and crushing volumes [3] - The edible oil production forecast for 2025/26 is adjusted upwards to 30.69 million tons, influenced by increased cottonseed oil production [3] - The market is expected to become more active as the consumption season approaches, aided by upcoming holidays [3] Group 5: Sugar Market - The supply and demand forecast for sugar remains consistent with the previous month, with good growth conditions for sugarcane in southern regions, while drought affects beet production in Xinjiang [3] - The sugar production in Brazil is accelerating, maintaining a market outlook of production exceeding consumption, with international sugar prices fluctuating near four-year lows [3]

Core Insights - Brazil's total exports from January to August 2025 reached $227.6 billion, marking a 0.5% year-on-year increase, with both total exports and trade volume hitting historical highs [1] - Exports of agricultural and manufactured products saw growth, with increases of 0.4% and 4% respectively [1] - Exports to the United States decreased by 18.5% in August compared to the same month last year, significantly affecting sectors such as aircraft and related equipment, sugar, meat, oil, and steel products [1] - Conversely, exports to China surged, with an impressive 31% year-on-year increase in August, while exports to Mexico and Argentina also showed significant growth, at 43.82% and 40.37% respectively [1]