来源：市场资讯 （来源：博亚和讯） 12月水产料、畜禽料涨不停。 鱼粉年内暴涨5000元/后，豆粕又跟涨 12月，主流市场秘鲁鱼粉价格保持在16900-17000元/吨的高位，部分港口报价高达17500-18000元/吨， 但整体成交议价为主。目前高点的18000元/吨，较年初12900-13000元/吨，暴涨了5000元/吨。 近日，豆粕市场消息频传！ 有消息称全国海关将延期到25天放行，进口大豆通关时间延长，缓解大豆及豆粕库存压力，并导致12月 进口大豆通关延迟，令豆粕现货价格出现小幅上涨。 另一边，时隔三个月的进口大豆拍卖再次开启！ 本次交易进口大豆数量51.25万吨，分布在辽宁、天津、河北、浙江、山东、湖南、河南、四川等地， 大豆生产年份为2022或2023年，杂质最多为1.5%，大部分在1%以下;而水分最高为13%，大部分在10% 以内，且在12月22日就能开始交割出库。 从拍卖结果来看，12月11日大豆成交总量达397043吨，成交率高达77.5%，其中山东、天津及浙江等地 成交火爆，几乎是全部成交。从拍卖价格来看，本次拍卖成交均价3935.3元/吨，若不考虑大豆生产年 限、出库及运输等费用，这价 ...

Core Insights - Chancay Port celebrated its first anniversary as a new hub in the South Pacific, handling over 270,000 TEUs and 289 vessels, with 67% being container cargo and 33% general cargo [1] - The port's foreign trade volume reached $1.88 billion, with imports at $1.161 billion and exports at $718 million during the same period [1] - The port collected 821.6 million soles in customs duties from January to October 2025, with key trade products including minerals, fishmeal, avocados, grapes, and blueberries for exports, and heavy machinery, solar panels, appliances, and grains for imports [1] Investment and Economic Impact - The first phase of investment totaled $1.3 billion, creating 7,500 jobs during construction and 830 jobs during operation [2] - Real estate values in the region have increased more than threefold due to the port's development [2] - A social development fund was established to allocate 20% of customs revenue from the province to address infrastructure and public service gaps [2] Future Outlook - The port aims to solidify its position as a regional trade center and national development engine, with plans to improve connectivity in the next phase [2] - Transportation time between Peru and Asia has been reduced by 10 to 15 days, enhancing the competitiveness of Peruvian products and lowering import costs [2] - Total cargo volume is expected to reach 352,591 TEUs by the end of 2025, surpassing the initial target of 350,000 TEUs [1]

Core Viewpoint - The recent increase in fish meal prices from 12,000 to 17,000 and the rise in fish oil prices have prompted investor inquiries regarding the production capacity of fish meal and fish oil by the company [1] Company Production Capacity - The company stated that the production of fish meal and fish oil is highly resource-dependent, with output influenced by various dynamic factors [1] - The annual production capacity of the company's fish meal plants is approximately 10,000 to 20,000 tons, while the annual production capacity for fish oil is around 2,000 to 4,000 tons [1] Industry Factors - The primary raw materials for fish meal and fish oil come from marine fish, and the catch volume is significantly affected by global fishery resource distribution, seasonal fishing changes, and local fishing bans [1] - The fluctuation in the fat content of raw fish directly impacts the extraction efficiency of fish oil and the final output [1]

Core Insights - The opening of Chancay Port has significantly boosted regional economic development, with a total container throughput exceeding 270,000 TEUs and handling of bulk cargo reaching approximately 1.36 million tons since its opening [1] - The port has facilitated a substantial increase in trade, with export and import values reaching $603 million and $984 million respectively in the first nine months of the year, generating tax revenue of about 6.97 billion Peruvian Soles [1] Group 1: Operational Efficiency - Chancay Port has entered a phase of efficient operation, becoming a hub for the new Asia-Latin America maritime corridor [1] - The direct shipping route from Chancay to Shanghai has enabled fresh blueberries to reach Shanghai in just 31 days, a reduction of 13 days compared to previous times [4] - The port has established a multi-modal shipping system, supporting various types of cargo including containers, roll-on/roll-off vehicles, and hazardous materials [5] Group 2: Trade Growth - The "Chancay-Shanghai" shipping route has seen a total of 15,400 tons of goods with a value of 3.97 billion yuan in the first three quarters, with a year-on-year increase of 56.9% in trade value from Shanghai to Peru [5] - The port has become a key entry point for Chinese brands into the Peruvian and Latin American markets, with over 12,000 vehicles shipped [5] Group 3: Network Expansion - New shipping routes have been established, including a branch line to Arequipa, significantly reducing transportation distances for goods from Brazil [8] - The port's service network now extends to multiple Latin American countries, enhancing its role as a regional distribution center [9] Group 4: Technological Advancements - Chancay Port is equipped with advanced automated and smart port facilities, enhancing operational efficiency and attracting businesses to shift their supply chains [10] - The port has achieved significant milestones, including record unloading volumes and the establishment of new shipping lines to various Latin American countries [10] Group 5: Future Prospects - The opening of Chancay Port and the "Chancay-Shanghai" direct shipping route have optimized the logistics supply chain between China and Latin America, with expectations for further deepening of maritime cooperation [11]

Core Viewpoint - The company has undergone significant changes in its financial performance, with a notable increase in revenue and a substantial turnaround in net profit, driven by improvements in various business segments and strategic operational adjustments [2][6][7]. Financial Performance - The company reported a revenue of 17.407 billion yuan for the first half of 2025, representing a year-on-year increase of 16.27% [2]. - The net profit attributable to shareholders reached 233 million yuan, marking a significant turnaround from losses in the previous year, with a year-on-year increase of 784.44% [6][7]. - The net cash flow from operating activities was -512 million yuan, indicating a substantial increase in cash outflow compared to the previous year [15]. Business Segments - The main business segments include feed and feed raw material trading, poultry, and pig farming, with no major changes in the core business structure [4][6]. - The feed raw material trading segment achieved a net profit of 62 million yuan, contributing positively to the overall profitability [8][12]. - The pig farming segment saw a significant increase in output, with 840,000 pigs sold, a 42.37% increase year-on-year, leading to improved profitability [13]. Operational Adjustments - The company has optimized its procurement strategies, enhancing its ability to capitalize on market opportunities and improve profit margins [9][10]. - Sales structure improvements have been made by expanding customer bases and enhancing sales quality, which has positively impacted overall revenue [10][11]. Investment Income - The company reported investment income of 104 million yuan, an increase of 77 million yuan compared to the previous year, primarily due to significant profit growth from associated companies [14]. Cash Flow and Borrowing - The company experienced a significant increase in short-term borrowings, rising by 239.51% to 1.925 billion yuan, primarily due to business expansion and acquisitions [38]. - The increase in cash outflow from operating activities was attributed to rapid business growth and changes in procurement and sales credit policies [15][40]. Inventory Management - The company's inventory reached 4.414 billion yuan, a year-on-year increase of 61.21%, largely due to acquisitions in the poultry business [42].

Core Viewpoint - The company anticipates a significant decline of approximately 40% in both HEPS (Headline Earnings Per Share) and overall earnings for the current financial period, primarily driven by fluctuations in the fishmeal and fish oil markets [2]. Industry Insights - The fishmeal and oil market has experienced notable volatility, particularly in fish oil prices, which has adversely affected the company's financial results [3]. - Peru, as the largest global producer of fishmeal and fish oil, contributes around 35% to 40% of the world's supply, significantly influencing pricing and supply dynamics in the commodity market [3].

Core Insights - The establishment of the smart green port in Peru, known as the Chancay Port, marks a significant milestone in enhancing trade efficiency between Asia and Latin America, particularly benefiting Peru's economy and employment [1][2][4] Group 1: Economic Impact - Chancay Port has already shown a positive impact on Peru's economy, with a reported container throughput of 94,400 TEUs and bulk cargo of 626,900 tons in the first five months of the year [1] - The port is projected to generate $4.5 billion in annual revenue and create over 8,000 direct jobs, with more than 600 workers already employed [3] Group 2: Trade Efficiency - The direct shipping route from Chancay to Shanghai has reduced shipping time from approximately 33 days to 23 days, resulting in a 20% decrease in logistics costs [2] - The port has facilitated a significant increase in exports, particularly in the fishing industry, with fishmeal exports rising by 605.3% year-on-year [2] Group 3: Regional Connectivity - Chancay Port has established six shipping routes, including three main lines and three branch lines, connecting to neighboring countries such as Colombia, Chile, and Ecuador [3] - The port is expected to become a new regional hub in Latin America, promoting prosperity in surrounding nations [4]

Core Insights - The establishment of the Chancay Port marks a significant advancement in Peru's logistics and trade capabilities, enhancing economic and employment opportunities in the region [1][2][3] Group 1: Port Operations and Economic Impact - Chancay Port, Peru's first smart green port, officially commenced regular operations after receiving its operating license in June [1] - In the first five months of operation, Chancay Port handled 94,400 TEUs (Twenty-foot Equivalent Units) and 626,900 tons of bulk and roll-on/roll-off cargo [1] - The port is projected to generate $4.5 billion in annual revenue and create over 8,000 direct jobs [3] Group 2: Trade Efficiency and Cost Reduction - The "Chancay-Shanghai" direct shipping route has reduced shipping time from approximately 33 days to 23 days, resulting in a 20% decrease in logistics costs [2] - The port has facilitated the export of Peruvian blueberries and fishmeal, with fishmeal exports increasing by 605.3% year-on-year as of April [2] - The logistics improvements have allowed companies like Duralama to significantly reduce import times for appliances, increasing market share from about 15% to nearly 50% [3] Group 3: Regional Trade Expansion - Chancay Port has established six shipping routes, including three main lines and three branch lines, connecting to countries like Colombia, Chile, and Ecuador [3] - Ecuadorian bananas can now reach China in just 27 days via Chancay Port, with exports to China increasing by 45.56% from January to May 2025 [3] - The port is expected to become a new regional hub in Latin America, promoting prosperity in surrounding countries [4]

Core Viewpoint - The Sichuan Provincial Port Investment Group has initiated the construction of the "Belt and Road" Import and Export Commodity Distribution Center (Sichuan) Headquarters project, aiming to enhance the group's international development and trade capabilities [1][3]. Group 1: Project Overview - The project is located in the Tianfu New Area of Sichuan, with a total investment of approximately 1.8 billion yuan, covering an area of 68 acres and a total construction area of 210,000 square meters [3]. - The center is designed to be an "international, open, and iconic" hub for digital trade, service trade, and goods trade, promoting global commerce and cultural exchange [3]. - The project is expected to be operational by February 2028 and will integrate trade, exhibition, and services to promote high-quality Sichuan products globally [3]. Group 2: Features and Facilities - The center will feature the Silk Road Canyon Block, which will host flagship stores of international and domestic brands, as well as Michelin restaurants and cultural experience shops [3]. - A central area called the World Harbor Square will host international cultural markets, fashion shows, and light shows, facilitating cultural exchanges [3]. - The center will establish four major industrial ecological platforms, focusing on global "first stores, first shows, first exhibitions, and first releases," creating a comprehensive international consumption destination [3]. Group 3: Trade Growth - Trade between Sichuan and countries involved in the "Belt and Road" initiative has been increasing, with imports and exports expected to reach 461.68 billion yuan in 2024, a year-on-year increase of 11.5% [4]. - Sichuan exports over 8,000 types of products, including popular items like flat-panel computers, laptops, digital TVs, and new energy vehicles, while also importing goods such as fresh durians and chromium ore [4].

Core Viewpoint - The "Belt and Road" Import and Export Commodity Distribution Center (Sichuan) headquarters project has commenced construction in Chengdu, with a total investment of approximately 1.8 billion yuan and an expected completion date in February 2028 [3][4]. Group 1: Project Overview - The project covers an area of 68 acres and has a total construction area of 210,000 square meters [3]. - It aims to develop a "global trade headquarters" and "international consumption center," focusing on international trade, smart logistics, and cross-border e-commerce [3][4]. - The project will establish four major industrial ecological platforms: New Silk Road Expo Center, International Industry Innovation Roadshow Center, Silk Road Economic and Trade Center, and Industry Service Center [3]. Group 2: Trade Growth and Potential - Trade between Sichuan and "Belt and Road" countries is increasingly close, with a projected trade volume of 461.68 billion yuan in 2024, representing a year-on-year growth of 11.5% [4]. - Over the past nine years, the average growth rate of trade between Sichuan and "Belt and Road" countries has been 19% [4]. - Sichuan's products, such as flat-panel computers and new energy vehicles, are popular in "Belt and Road" countries, while products like fresh durian and chromium ore are in demand in Sichuan [4]. Group 3: Logistics and Supply Chain - The project will integrate a comprehensive transportation service system ("rail, road, water, and air") and a supply chain service system that connects Sichuan and Chongqing, radiating nationwide and linking Europe and Asia [4]. - It aims to create an open pattern of internal and external linkage for international economic and trade cooperation [4].