玉米现货稳定 盘面高位震荡 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 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 | GALAXY FUTURES 246/206/207 68/84/105 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 210/10/16 221/221/221 208/218/234 综合分析与交易策略 玉米：美玉米报告上调出口，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，港口库存仍偏低，港口价格稳定，预计1月中旬东北玉米仍有一 波卖压。短期东北玉米上量增加，但下游刚需补库，东北玉米相对稳定，华北玉米上量增加玉米现货持续回落，华北小麦价格与玉米价差 ...

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， ...