9月26日，记者走进西藏自治区阿里地区噶尔县生态农业产业园区。这座园区2011年开始启动筹建， 2018年建成投用，由噶尔县狮泉河镇人民政府直接管理，噶尔县康乐新居综合专业合作社具体经营。为 破解群众"吃菜贵、品种少、搬迁户就业难"的突出问题，园区打造了集蔬菜林果种植、畜禽养殖及综合 利用为一体的设施农业基地。其占地面积1000亩，设有日光温室172座、五膜拱棚26座、智能联动温室 16座、畜禽圈舍4座、冷库4座，目前种植蔬菜、水果、花卉400余亩，培育苗木250亩。2022年12月被评 为西藏自治区级农业科技园。(贡确 制作 乐小敏） ...

You know what I love about kids. I love how honest they are. I was working at a school-based health clinic the other day and I asked one of the kids, "What's your favorite subject?" Without missing a beat, he replied, "Lunch." And he's not alone.Did you know that 93% of Americans love to eat. But in all seriousness, here's the thing. That moment made me think about food, health, and nutrition in a way that I hadn't in a while.You see, 12 years ago, I was a pathology resident. A pathologist is a doctor that ...

You know what I love about kids. I love how honest they are. I was working at a school-based health clinic the other day and I asked one of the kids, "What's your favorite subject?" Without missing a beat, he replied, "Lunch." And he's not alone.Did you know that 93% of Americans love to eat. But in all seriousness, here's the thing. That moment made me think about food, health, and nutrition in a way that I hadn't in a while.You see, 12 years ago, I was a pathology resident. A pathologist is a doctor that ...

Group 1: Pork and Vegetable Market - The average daily trading volume of pork was 8,754 heads (671.39 tons), a decrease of 0.6% week-on-week [1] - The average wholesale price of pork was 19.12 yuan/kg, down 0.42% from the previous week [1] - The average daily trading volume of vegetables was 3,744.43 tons, a decrease of 4.6% week-on-week, with an overall average price of 3.95 yuan/kg, an increase of 3.95% [1] Group 2: Egg Market - The average daily trading volume of eggs was 1,035 tons, remaining stable week-on-week, with a wholesale price of 7.1 yuan/kg, down 7.28% [1] Group 3: Aquatic Products Market - The total wholesale trading volume of aquatic products was 3,241.30 tons, with an average daily trading volume of 463.04 tons, an increase of 7.33% week-on-week [2] - The overall average price of aquatic products was 45.27 yuan/kg, an increase of 5.67% [2] - Significant price increases were noted for silver pomfret at 71.43 yuan/kg, up 26.9%, and small yellow croaker at 68.86 yuan/kg, up 10.05% [2]

Group 1 - The core viewpoint of the articles indicates that despite adverse weather conditions, the overall prices of major food items in the city remained stable, with a slight month-on-month increase of 0.57% in July, suggesting that the burden on consumers' "grocery baskets" has not significantly increased [1] Group 2 - In July, the average price of grains was 2.85 yuan (per 500 grams), showing a slight increase of 0.18% month-on-month, while the average price of cooking oil (5 liters) was 73.47 yuan, experiencing a minor decrease of 0.03% [2] Group 3 - Vegetable prices showed a low recovery trend, with an average price of 3.75 yuan in July, reflecting a month-on-month increase of 6.23%. Despite this increase, the average price remains at a relatively low "affordable level" compared to the past three years [3] - The average price of pork was 17.79 yuan in July, indicating a slight month-on-month increase of 0.47% [3] Group 4 - The average price of fruits was 5.82 yuan in July, which represents a month-on-month decrease of 2.60%, attributed to the seasonal availability of summer fruits [4] - Other major food items showed a mixed price trend, with poultry averaging 15.38 yuan (up 0.52%), beef and lamb at 39.45 yuan (down 0.11%), seafood at 21.26 yuan (down 0.46%), eggs at 5.52 yuan (down 2.30%), and dairy products at 2.89 yuan (up 1.05%) [4] Group 5 - For August, the price forecast suggests that the overall food prices may remain stable with slight increases, particularly in vegetable prices due to the impact of recent typhoons and heavy rains. Prices for pork, seafood, beef and lamb, fruits, and poultry are expected to fluctuate [5]

Dietary Habits and Health - Many Filipinos are trying to eat healthier by reducing carb intake, but often end up consuming more fat and calories with insufficient fiber [2] - Experts have observed that many Filipinos are consuming a "modern diet" high in chicken, pork, beef, fish, seafood, eggs, and processed meats, which is associated with increased risk of type 2 diabetes, obesity, and heart diseases [3] - Diet culture promotes a belief system that glorifies thinness and a specific body ideal, often at the expense of overall well-being, and labels food as good or bad, leading to unnecessary restrictions [7][8] Gut Microbiome and its Impact - The gut microbiome, composed of trillions of bacteria, viruses, fungi, and other microbes, plays a crucial role in regulating metabolism, supporting the immune system, reducing inflammation, and influencing mood and energy levels [11][12] - An imbalance in the gut microbiome, with more bad bacteria and fewer good bacteria, can contribute to the development of modern diseases [12] - Restricting carbohydrates may negatively impact gut health and overall well-being [13] Traditional Filipino Diet and Gut Health - Traditional Filipino diets, rich in rice, vegetables, and fermented foods, can promote a healthier gut profile and support better metabolic health [17][19] - Leftover rice contains resistant starch, a type of carbohydrate that feeds beneficial gut bacteria [18] - The shift from traditional, plant-based diets to modern, processed, and meat-heavy diets is detrimental to gut health and contributes to metabolic disorders [20][21] Recommendations for Better Gut Health - Eating more than 30 different types of plant food per week can increase the diversity of beneficial bacteria in the gut [23] - Incorporating five types of plant food daily – rice or other whole grains, vegetables, fruits, root crops, and nuts, beans, or seeds – can form the foundation of a healthy diet [23] - Adding fermented foods like pago, achara, and buro to the diet can further support gut health [24]

Investment Rating - The report maintains a cautious stance on inflation forecasts while awaiting further policy actions [3][19]. Core Insights - The year-on-year Consumer Price Index (CPI) turned positive in June, marking a surprise after four consecutive negative readings, which may indicate potential reflation in China [3][4]. - The Producer Price Index (PPI) deflation deepened unexpectedly, highlighting a divergence in price trends among different sectors, particularly between auto and steel prices [4][19]. - The report emphasizes the importance of supply-side reforms (SSR2.0) and the role of demand in shaping inflation expectations [19]. Summary by Sections CPI Analysis - The CPI reading for June was +0.0% YoY, compared to a prior reading of -0.1% YoY, with a sequential change of -0.1% MoM [3][5]. - Significant price increases were noted in the "other goods and services" category, which includes jewelry, with a +8.1% YoY change [5][8]. - Core inflation rose by +0.7% YoY, with core goods prices increasing by 0.9% YoY [5][19]. PPI Analysis - The PPI reading was -3.6% YoY, contrasting with market expectations of a narrower contraction [4][19]. - The PPI for the auto sector showed stabilization, while ferrous metals and non-metallic minerals reported negative changes, indicating a mixed outlook for SSR2.0 candidates [4][19]. Supply Side Reform Insights - The report suggests that the upcoming Politburo meeting and action plans from relevant ministries will be crucial for future inflation trajectories [19]. - The divergence in price trends between sectors like steel and auto underscores the need for targeted demand-side policies [19].

Financial Data and Key Metrics Changes - For the first quarter, the company reported net income of approximately $15.1 million and net income to common shareholders of $9.1 million, or $0.25 per share [26] - Adjusted FFO was about $2 million or $0.06 per share, compared to $5.1 million or $0.14 per share in the same quarter last year, indicating a year-over-year decrease [26][27] - Dividends declared per common share remained at $0.14 for both quarters [26] Business Line Data and Key Metrics Changes - Fixed base cash rents decreased by about $5.7 million compared to the prior year quarter due to vacancies and structural changes in leases [27] - The company expects a total year-over-year decline of about $17 million in fixed base rents for fiscal year 2025 compared to 2024, primarily due to lease adjustments [29] - Participation rents recorded during the current quarter amounted to approximately $465,000, primarily from cash collected on wine grape sales [28] Market Data and Key Metrics Changes - The company has about 103,000 acres of farmland across 15 states, with 29 different growing regions, and holds approximately 55,000 acre-feet of water assets [7][8] - The nut sector is vulnerable to tariffs, with 78% of U.S. grown almonds and pistachios exported annually, and the company is monitoring the impact of tariffs on pricing [21][22] - The weakening of the U.S. dollar may help mitigate some negative impacts from tariffs, as it could stabilize prices for U.S. nuts [24] Company Strategy and Development Direction - The company is cautious with new investments due to high interest rates and costs of capital, leading to a slow acquisition activity [9][35] - The current strategy includes adjusting lease structures to minimize fixed costs for tenants while allowing the company to participate in crop revenues [11][12] - The company plans to maintain liquidity and evaluate its dividend based on the 2025 harvest outcomes [33][57] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about high interest rates affecting farming operations and the ability to borrow for planting and harvesting crops [35][80] - The company anticipates inflation in the food sector to continue increasing, which may positively impact the value of underlying farmland over time [38] - Management remains optimistic about the potential for strong crop production in the upcoming year, particularly for almonds and pistachios [14][37] Other Important Information - The company has access to over $180 million of capital, including about $40 million in cash, and nearly $150 million of unpledged properties [31] - The company is currently evaluating options for vacant farms and considering potential new crops to plant [51] - The company has no immediate plans for share repurchases, prioritizing liquidity to manage potential future obligations [55][57] Q&A Session Summary Question: Clarification on $17 million lower revenues in '25 versus '24 - Management confirmed that an additional farm was added to the participation rent structure, contributing to the increased revenue loss estimate for '25 [40] Question: Total participation rents expected in 2025 - Management indicated that the expected participation rents would include the $17 million plus additional amounts based on last year's run rate, but some participation rent would be lower due to lease adjustments [41][43] Question: Details on the $2.4 million termination fee - The termination fee was related to three almond farms that are now vacant, and management is exploring options to generate income from these properties [44] Question: Future asset sales and vacant properties - Management stated that they have listed some farms for sale but do not have contracts in place yet, and they are evaluating options for the vacant properties [49][50] Question: Thoughts on repurchasing shares given cash on hand - Management emphasized the importance of maintaining liquidity and being prepared for future obligations rather than repurchasing shares at this time [55][57] Question: Financing for upcoming preferred stock maturity - Management is considering options for financing the preferred stock due in January 2026, including potential asset sales and refinancing discussions with banks [67][71]

Core Viewpoint - Agricultural e-commerce platforms serve as a robust bridge connecting farmers and consumers, facilitating communication and transactions, and allowing regional agricultural products to reach households nationwide [1] Development Background - The widespread use of the internet and significant changes in consumer shopping habits have led to the emergence of agricultural e-commerce platforms, addressing previous challenges such as narrow sales channels and complex intermediaries that harmed farmers' interests [2] - E-commerce platforms enable direct delivery of agricultural products from production sites to consumers, significantly reducing supply chain steps and costs, while improving logistics capabilities due to enhanced rural infrastructure [2] Platform Model - The platform model is a widely adopted business form in the digital age, focusing on creating a multi-faceted interactive platform that integrates various resources to provide diverse services and value to different user groups [3] Current Operational Models - There are two main operational models in the agricultural e-commerce sector: comprehensive e-commerce platforms like Taobao and JD, which cater to a broad user base and diverse product offerings, and vertical platforms that focus on specialized agricultural products, emphasizing quality and brand building [5] Advantages for Farmers - Joining agricultural e-commerce platforms significantly expands farmers' sales regions, breaking traditional geographic barriers and increasing sales volume and income [6] - These platforms provide farmers with direct communication channels to understand market demands and consumer feedback, allowing for agile adjustments to their production and marketing strategies [6] Product Characteristics - Agricultural products sold on e-commerce platforms are characterized by freshness, greenness, and ecological quality, with many items sourced directly from farmers, reducing time from field to table and lowering costs for consumers [8] - The variety of products includes common staples and region-specific specialties, enhancing consumer choice and market reach [8] Logistics and Distribution - Logistics plays a crucial role in agricultural e-commerce, with cold chain logistics being widely used to maintain product quality during transport, thereby reducing losses and ensuring freshness [9] - Challenges remain in logistics costs and delivery limitations, particularly in remote areas, necessitating ongoing research and solutions from e-commerce platforms [9] Development Prospects - Agricultural e-commerce platforms have significant growth potential, driven by increasing consumer demand for healthy and green food, alongside heightened expectations for product quality and safety [11] - Future integration with agricultural industrialization, standardization of production, and the application of big data and AI technologies will enhance product quality and market competitiveness [11]

Core Viewpoint - The escalation of trade tensions due to new tariffs imposed by the U.S. on Canada, Mexico, and China is expected to significantly impact various sectors, leading to increased costs for consumers and potential disruptions in the global economy [1][4]. Automobiles - The automobile sector will be heavily affected, with Canada and Mexico accounting for approximately 47% of U.S. auto imports and 54% of car part imports [6]. - U.S. carmakers could see a reduction of 10-25% in their annual EBITDA due to the new tariffs, with potential increases of up to $12,000 in the price of new cars [7]. - ETFs like First Trust S-Network Future Vehicles & Technology ETF (CARZ) are likely to face pressure [7]. Agriculture - The agricultural export sector, valued at $191 billion, is threatened by the tariffs, particularly affecting imports of grains, meats, and dairy products from Canada and Mexico [8]. - The tariffs are expected to increase grocery prices, especially since Mexico is a key supplier of various produce to the U.S. [9]. - The Invesco DB Agriculture Fund (DBA) is anticipated to experience rough trading conditions [9]. Homebuilding - Tariffs will raise the costs of building materials, leading to a projected increase of 4-6% in homebuilding costs over the next year, which will negatively impact profitability [10]. - Companies like D.R. Horton (DHI), Toll Brothers (TOL), and Lennar (LEN), along with ETFs such as iShares U.S. Home Construction ETF (ITB) and SPDR S&P Homebuilders ETF (XHB), will be affected [10][11]. Aerospace - The aerospace industry will face increased production costs due to retaliatory tariffs from major buyers like China, Mexico, and Canada [12]. - Companies such as Boeing (BA) and Airbus, along with suppliers like Spirit AeroSystems and Hexcel, will see higher raw material costs [12]. - The iShares U.S. Aerospace & Defense ETF (ITA) is likely to be negatively impacted [12]. Retail - Major retailers, including Walmart (WMT), Target (TGT), Best Buy (BBY), and Costco (COST), are expected to face higher prices due to tariffs on consumer goods sourced from China and Mexico [13]. - Over 80% of toys sold in the U.S. are made in China, making retailers vulnerable to increased costs [14]. - Walmart's grocery business could also see rising costs, as Mexico supplies a significant portion of U.S. fruit and vegetable imports [14]. Energy - The energy sector will experience increased costs due to a 10% tariff on Canadian energy exports, which could raise prices for heating, electricity, and fuel for American consumers [15]. - ETFs like United States Natural Gas Fund (UNG) and Energy Select Sector SPDR Fund (XLE) are expected to be adversely affected [15].