Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The USDA's December report increased US corn exports, but the production is at a high level. In the short term, US corn will fluctuate slightly stronger. The support of the US corn 03 contract at 430 cents per bushel is relatively strong. With the 11% tariff for imported US corn and 12% for sorghum in China, importing US corn has become profitable, and importing from Brazil offers higher profits [4]. - Currently, farmers' reluctance to sell has weakened, leading to an increase in corn supply. Port inventories remain low, and port prices are stable. It is expected that there will be another wave of selling pressure for Northeast corn in mid - January. In the short term, the supply of Northeast corn is increasing, but downstream demand for replenishment is driving a relative stability in Northeast corn prices. In North China, the increase in corn supply has led to a continuous decline in spot prices. The price difference between wheat and corn in North China remains high, and it is expected that corn supply will increase next week. In the short term, the supply at the northern ports will increase, and the purchase price will remain stable before the Spring Festival. The 03 corn contract will fluctuate at a high level, and the decline of the 07 corn contract is limited [4]. - The operating rate of starch factories has increased, while downstream提货 has decreased, leading to an increase in starch inventory, which remains at a high level. As corn spot prices are weak, starch spot prices are also weakening. The profits of North China starch factories have declined, and the operating rate of starch enterprises will continue to rise. As corn prices decline, there is still room for starch spot prices to fall. It is expected that the 03 corn starch contract will follow the high - level fluctuations of corn [4]. Summary by Directory Chapter One: Comprehensive Analysis and Trading Strategies - **Market Situation**: US corn exports are increasing, and the 03 contract has strong support at 430 cents per bushel. In China, corn supply in the Northeast and North China is increasing, and there will be a peak selling season in mid - January. Corn spot prices still have room to fall. In the short term, corn prices will continue to decline, and the 03 contract has limited room for rebound [4]. - **Trading Strategies** - Unilateral trading: Consider buying US corn 03 below 430 cents per bushel, making long - term purchases of 07 corn below 2240 yuan, and short - term shorting of 03 corn [5]. - Arbitrage: Hold a wait - and - see attitude. - Options: Consider a cumulative put strategy for 03 corn at high prices [5]. Chapter Two: Core Logic Analysis International Market - **US Corn Supply and Demand** - The USDA's December report shows changes in US corn supply and demand indicators such as planting area, yield, inventory, and consumption in different years. The export volume has been adjusted, and attention should be paid to the January report. Importing US corn and Brazilian corn is currently profitable [9]. - As of January 1, the weekly US corn export inspection was 1.21 million tons, with a cumulative export of 26.81 million tons. This week, there were no exports to China, with a cumulative export of 0 tons and a proportion of 0%. In November, 560,000 tons of corn were imported, and from January to November, 1.85 million tons were imported, compared with 13.32 million tons in the same period last year [10]. - **US Corn Non - commercial Net Long Position and Ethanol Production** - As of December 30, the non - commercial net long position of US corn decreased, and ethanol production also decreased. The US corn 03 contract is oscillating at the bottom, with strong support at 430 cents per bushel [15]. Domestic Market - **Deep - processing and Feed Enterprises** - The corn inventory of feed enterprises has increased but is lower than the same period last year. As of January 8, the average corn inventory of 47 large - scale feed mills was 30.1 days, a week - on - week increase of 0.18 days and a year - on - year decrease of 6.81% [19]. - Deep - processing consumption has slightly decreased. From January 1 to January 7, 2026, 149 major corn deep - processing enterprises in China consumed 1.3817 million tons of corn, a decrease of 0.11 million tons from the previous week. Deep - processing inventory has increased, and it is expected to continue rising next week. As of January 7, the corn inventory of 96 deep - processing enterprises was 354 tons, a 1.32% increase from the previous week and a 40.5% decrease year - on - year [20]. - **Port Inventories** - The corn inventory at northern ports has decreased, while the grain inventory at southern ports has increased. As of January 2, the corn inventory at the four northern ports was 1.538 million tons, a week - on - week decrease of 75,000 tons and a year - on - year decrease of 2.889 million tons. The shipping volume from the four ports this week was 593,000 tons, a week - on - week decrease of 74,000 tons. In Guangdong Port, the domestic corn inventory was 478,000 tons, an increase of 93,000 tons from the previous week; the foreign - trade inventory was 294,000 tons, a decrease of 30,000 tons from the previous week; the imported sorghum was 107,000 tons, a decrease of 22,000 tons from the previous week; the imported barley was 710,000 tons, a decrease of 5,000 tons from the previous week; and the total grain inventory was 1.589 million tons, a week - on - week increase of 36,000 tons [23]. - **Grain Sales Progress** - The grain sales progress has accelerated. The overall national grain sales progress (including all 13 provinces) is 50%, a 3% increase from the previous week and a 2% increase year - on - year; the sales progress in 7 provinces (Heilongjiang, Jilin, Liaoning, Inner Mongolia, Hebei, Shandong, and Henan) is 48%, a 4% increase from the previous week and a 3% increase year - on - year [26]. - **Starch Market** - The operating rate of deep - processing enterprises has decreased. From January 1 to January 7, the national corn processing volume was 627,900 tons, and the starch production was 324,800 tons, a decrease of 27,000 tons from the previous week. The operating rate was 59.37%, a 0.49% decrease from the previous week [30]. - As North China corn spot prices fall, starch spot prices decline, and by - product prices remain stable, enterprise profits have decreased. This week, the profit per ton of corn in Heilongjiang was - 67 yuan, a decrease of 39 yuan from the previous week, and in Shandong, it was - 6 yuan, a decrease of 3 yuan [30]. - Downstream提货 has decreased, and with the decline in the operating rate, starch inventory has increased. It is expected to continue rising next week. As of January 7, the corn starch inventory was 1.125 million tons, an increase of 2,000 tons from the previous week, a 0.2% increase, a 2.1% increase from the beginning of the month, and a 25.1% increase year - on - year [30]. - **Substitute Products** - The wheat price in North China is basically around 2,490 yuan per ton, showing a weak trend. The price difference between wheat and corn has narrowed. North China corn is weak, while Northeast corn is stable. The price difference between North China and Northeast corn has narrowed, and the price difference between northern port corn and the 05 corn contract has declined [39]. Chapter Three: Weekly Data Tracking - **Livestock and Poultry Breeding** - From January 4 to January 8, the self - breeding and self - raising profit of pigs was 59 yuan per head, a decrease of 3 yuan per head from the previous week, and the profit from purchasing piglets was - 75 yuan per head, an increase of 3 yuan per head from the previous week [43]. - From January 4 to January 8, the breeding profit of white - feather broilers was 1.13 yuan per chicken, compared with 1.24 yuan per chicken last week. The egg - laying hen breeding cost this week was 3.52 yuan per catty, and the breeding profit was - 0.42 yuan per catty, compared with - 0.55 yuan per catty last week [49]. - **Deep - processing Downstream Consumption** - The operating rate of starch sugar: The operating rate of F55 high - fructose syrup this week was 60.77%, a 6.27% increase from the previous week, and the operating rate of maltose syrup was 57.1%, a 5.31% increase from the previous week [52]. - The operating rate of paper mills: The operating rate of corrugated paper this week was 65.86%, a 1.63% increase from the previous week, and the operating rate of containerboard was 66.8%, a 1.86% decrease from the previous week [52]. - **Prices of Corn and Substitute Products** - The report shows the price trends of corn and substitute products such as wheat, sorghum, and their price differences, as well as the price differences between different corn and starch contracts [53][57][61].

1、 null 2、 包括小麦、大麦、大豆、红豆、绿豆、粳米、籼米、玉米和高粱等多种粮食作物。 8、 实验表明，含水量18%—23%的粮食在50—55℃时呼吸作用先迅速增强后急剧下降；而含水量14% —16%的粮食在相同温度下经历数昼夜，呼吸强度基本保持不变。 1、 null 2、 包括小麦、大麦、大豆、红豆、绿豆、粳米、籼米、玉米和高粱等多种粮食作物。 3、 粮食泛指供食用的各类植物种子，常统称为谷物。其富含多种营养成分，主要包括蛋白质、维生 素、膳食纤维、脂肪及淀粉，是人类重要的营养来源之一。 3、 粮食泛指供食用的各类植物种子，常统称为谷物。其富含多种营养成分，主要包括蛋白质、维生 素、膳食纤维、脂肪及淀粉，是人类重要的营养来源之一。 4、 2020年12月10日，国家统计局公布，全年粮食总产量达13390亿斤，较上年增产113亿斤，同比增长 0.9%，实现连续第十七年丰收。 5、 中国农业政策将转向供需平衡与竞争力提升，未来 两至三年内建立以市场定价为核心的农产品价格机制， 并推行以直接补贴为主的农民利益保障体系，推动农业 可持续发展。 6、 粮食收获后，其水分含量对商业利用和种子用途均 具有重要意义 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The U.S. corn price is expected to remain in a bottom - oscillating pattern due to high production despite reduced inventory and export benefits [4][8] - The spot price of domestic corn is relatively stable in the short term. North - east corn is relatively strong with farmers' reluctance to sell, while North - China corn is weakening. The price rebound space of corn is limited, and the 03 corn contract will oscillate within a narrow range [6][8] - The starch price is mainly influenced by corn price and downstream stocking. With rising inventory and weakening corporate profitability, the 03 starch contract is expected to oscillate weakly in the short term [7] 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Disk - For corn futures, C2601 closed at 2293, up 8 (0.35%); C2605 closed at 2252, down 3 (- 0.13%); C2509 closed at 2277, unchanged (0.00%) [2] - For corn starch futures, CS2601 closed at 2486, down 11 (- 0.44%); CS2605 closed at 2552, down 13 (- 0.51%); CS2509 closed at 2598, down 6 (- 0.23%) [2] 3.1.2 Spot and Basis - Corn spot prices in different regions: Qinggang was 2120, Songyuan Jiajie was 2190, Zhucheng Xingmao was 2320, Shouguang was 2266, Jinzhou Port was 2320, Nantong Port was 2390, and Guangdong Port was 2440 [2] - Starch spot prices in different regions: Longfeng was 2750, COFCO was 2700, Jiajie was 2850, Yufeng was 2860, Jinyu Corn was 2800, Zhucheng Xingmao was 2880, and Hengren Industry and Trade was 2760 [2] 3.1.3 Spreads - Corn inter - period spreads: C01 - C05 was 41 (up 11), C05 - C09 was - 25 (down 3), C09 - C01 was - 16 (down 8) [2] - Starch inter - period spreads: CS01 - CS05 was - 66 (up 2), CS05 - CS09 was - 46 (down 7), CS09 - CS01 was 112 (up 5) [2] - Cross - variety spreads: CS09 - C09 was 321 (down 6), CS01 - C01 was 193 (down 19), CS05 - C05 was 300 (down 10) [2] 3.2 Market Judgment 3.2.1 Corn - The U.S. corn price is bottom - oscillating. The import profit of foreign corn is rising. The spot price in North - China corn is weakening, and that in North - east corn is relatively strong. The price difference between North - east and North - China corn is narrowing [4][6] - The domestic breeding demand is stable, and the inventory of downstream feed enterprises is increasing. The market is concerned about the seasonal selling pressure of North - east corn before the Spring Festival and the downstream inventory - building situation [6] 3.2.2 Starch - In Shandong, the number of trucks arriving at deep - processing plants is increasing, and the local corn spot price is weakening. The starch inventory has risen, with the manufacturer's inventory at 112.3 million tons this week, an increase of 2.1 million tons from last week, a monthly increase of 3.1%, and a year - on - year increase of 24.6% [7] - The starch price mainly depends on the corn price and downstream stocking. The by - product price is strong, and the corporate profitability is declining [7] 3.3 Trading Strategies 3.3.1 Unilateral - The 03 U.S. corn has support at 430 cents per bushel. Long positions can be established for the 07 corn contract at low prices [9] 3.3.2 Arbitrage - Hold a wait - and - see attitude [10] 3.4 Corn Options - Adopt a short - term cumulative put option strategy with rolling operations [11]

研究所 农产品研发报告 玉米淀粉日报 2025 年 12 月 29 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/12/29 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2318 | 70 | 3.02% | 53,592 | -20.97% | 73,742 | -20.45% | | C2605 | | 2274 | 17 | 0.75% | 221,265 | 14.88% | 490,650 | 0.67% | | C2509 | | 2294 | 15 | 0.65% | 17,920 | 93.00% | 43,508 | 1.05% | | CS2601 | | 2516 | 25 | 0.99% | 8,683 | -46.50% | 8,472 | -31.05% | | CS2605 | | ...

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。 近一年中国高粱进口情况统计图 相关报告：智研咨询发布的《2026-2032年中国高粱行业市场全景调查及未来发展潜力报告》 根据中国海关数据显示：2025年11月中国高粱进口数量为49万吨，同比下降33.4%，进口金额为1.32亿 美元，同比下降36%。 ...

八百里河套平原上，如何让传统农牧业迸发出千亿级产业能量？连续七年牛奶产量全国第一的背后，蕴 藏着怎样的发展密码？绿波起伏的苜蓿田与成排的光伏电站交相辉映，一幅"产业强、农民富、乡村 美"的振兴画卷正在内蒙古大地上徐徐展开。 转自：中国经济导报 本报记者 | 刘丹阳 作为国家重要的农畜产品生产基地，2024年内蒙古以粮食年产量突破800亿斤、年外调粮食超500亿斤的 坚实贡献，成为国家粮食安全的"北疆压舱石"；以奶业全产业链产值突破2500亿元的产业规模，打造出 享誉中外的"内蒙古名片"。从"靠天吃饭"到"科技兴农"，从分散经营到产业集群，内蒙古正以一场深刻 的产业变革，书写着新时代乡村振兴的答卷。 高标准农田建设守护"北疆粮仓" （来源：中国经济导报） 粮食安全是"国之大者"。内蒙古始终把粮食生产摆在农业农村工作的首要位置，2024年全区粮食播种面 积达到1.05亿亩，产量首次突破800亿斤大关，达到820亿斤，稳居全国第六位。值得一提的是，在自 1961年有气象记录以来最严重的洪涝灾害面前，通过全面落实12项防灾减灾措施，全区预计挽回粮食损 失约8亿斤，展现了"北疆粮仓"的韧性。 乡村振兴不仅依赖于传统产业 ...

Core Viewpoint - The case highlights the failure of the agricultural regulatory authority in Guizhou Province to enforce pesticide safety regulations, leading to significant harm to public interest and agricultural sustainability [1][2][3][4]. Group 1: Incident Overview - In August 2024, a significant number of bees died in the vicinity of a corn planting area due to the improper use of pesticides by a local agricultural company, despite clear warnings on pesticide labels regarding their toxicity to bees [1]. - The investigation revealed that the company sprayed a mixture of pesticides during the flowering period of sorghum, which is known to be harmful to bees, resulting in the death of bees owned by 49 local beekeepers [1][2]. Group 2: Legal Actions and Responses - The Guizhou Provincial Procuratorate initiated an administrative public interest lawsuit against the local agricultural authority for failing to fulfill its regulatory duties regarding pesticide use and agricultural product safety [2][3]. - The court ruled that the agricultural authority had not fully complied with its legal responsibilities, leading to a directive for the authority to enhance its regulatory measures and ensure compliance from the agricultural company [3]. Group 3: Outcomes and Implications - Following the court's ruling, the agricultural authority took corrective actions, including investigating the agricultural company, conducting safety checks on agricultural products, and providing training for proper pesticide use [3][4]. - The case exemplifies the effectiveness of combining public interest litigation with civil support lawsuits to protect public welfare and assist affected farmers in recovering economic losses [4].

12月12日，在苏丹东部卡萨拉州瓦德希卢地区，农民搬运刚刚收获的高粱。新华社发（塔里克·伊沙克·穆萨摄） 在联合国世界粮食计划署（世粮署）人道援助项目助力下，苏丹东部卡萨拉州瓦德希卢地区近日迎来高粱收获季。 【1】 【2】 【3】 【4】 【5】 ...

Core Viewpoint - *ST沪科 has received a notice of investigation from the China Securities Regulatory Commission (CSRC) due to suspected violations of information disclosure laws, which the company claims will not significantly impact its operations and management [1][2]. Financial Performance - In the first three quarters of the year, *ST沪科 reported revenue of only 5.44 million, a year-on-year decline of 63.7%, while the net profit attributable to shareholders was 1.06 million, showing a significant increase [2]. - The company's revenue dropped sharply from 367 million in 2022 to 17.23 million in 2024, falling below 100 million [2]. - Continuous losses are expected for the years 2023 and 2024, with a risk of delisting if the total profit, net profit, or net profit after excluding non-recurring gains and losses is negative and revenue is below 300 million in 2025 [2]. Management Changes - Following the resignation of Yun Feng, the company’s board secretary and financial officer, the chairman Wang Tianyang is temporarily taking over the secretary duties, while financial manager Yang Xiuxin is acting as the financial officer [3]. - Yun Feng, who was appointed as a director in March 2024 and took on the roles of board secretary and financial officer in November, resigned due to personal health reasons after just over a year in these positions [3]. - Other significant management changes include the resignation of the chairman Zhang Lu in April and independent director Li Zheng in August, both citing personal reasons [3]. Shareholder Issues - The second-largest shareholder, Kunming Industrial Development Investment Co., Ltd., has had all its shares frozen, and the first-largest shareholder's shares are also under freeze [3]. - As of October, the former controlling shareholder, Nanjing Siweit Group Co., Ltd., and its affiliates had illegally occupied 349 million of the company's funds, accounting for 921.63% of the latest audited net assets [4].

目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 11 | 玉米现货偏强 盘面偏弱震荡 银河农产品 研究员：刘大勇 期货从业证号：F03107370 投资咨询证号：Z0018389 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 GALAXY FUTURES 辅 助 色 137/137/137 246/206/207 208/218/234 综合分析与交易策略 68/84/105 210/10/16 221/221/221 玉米：美玉米12月单产稳定，上调出口数量，但是产量处于高位，短期美玉米窄幅偏强震荡，预计美玉米03合约430美分/蒲支撑较强。中国进口美玉米配额 内关税11%，高粱为12%，美玉米进口开始有利润，巴西进口利润较高。目前农户惜售情绪减弱，玉米上量增多，但港口库存仍偏低，港口价格偏强，预计12月 中下旬东北玉米仍有一波卖压。短期东北玉米上量增加，但下游刚需补库，东北玉米小幅下跌，华北玉米上量增加玉米现货持续回落， ...