证券研究报告|行业点评报告 分析与判断: [Table_Date] 2025 年 07 月 13 日 本次签署的无人机备忘录核心可概括为：放手放权放开造。在俄乌战场上，几千块钱的无人机可以击 毁价值上千万的坦克。当战争变成"游戏"，当消耗品击败精密武器，未来战场的规则已经彻底改写。 可 以看出，美军开始更加重视低成本、可消耗、分布式无人机作战体系。 [Table_Title] 消耗品无人机：放手放权放开造 [Table_Title2] 国防军工 行业评级:推荐 [Table_Summary] 事件概述：7 月 10 日，美国防部长赫格赛斯签署并发布《释放美国军用无人机优势》备忘录，旨在对 美国军用无人机战略进行全面改革，目标是到2027 年实现美军在小型无人机领域的主导地位。备忘录要求 加速无人机现代化、扩大生产，并取消可能阻碍创新的监管。该政策还旨在减少繁琐的手续，加快培训和 测试流程。赫格塞斯还指示军方将小型无人机归类为"消耗性资产"而不是长期耐用设备。根据备忘录中 的指令，美各军种的指挥官将有权独立采购和测试无人机。 ► 无人机重新定位与权限下放 总体来看，首先，美军要采购数百种不同型号的无人机（注意： ...

Core Insights - Davis Commodities Limited (DTCK) is evaluating the establishment of a strategic reserve in Solana (SOL) as part of its digital innovation and treasury diversification strategy [1] - The initiative reflects DTCK's exploration of emerging blockchain ecosystems beyond Bitcoin and Ethereum, aligning with institutional interest in next-generation blockchain infrastructure [1][2] Industry Context - Institutional adoption of digital assets is accelerating, prompting enterprises to consider blockchain networks that offer scalability and cost-efficiency [2] - Solana is recognized for its high throughput of approximately 65,000 transactions per second and low transaction fees, gaining visibility among digital finance practitioners [2] Company Initiatives - DTCK is monitoring developments around Solana's adoption by financial technology platforms and enterprise blockchain pilots, with several global institutions exploring Solana-enabled tokenization frameworks [3] - The company is assessing the feasibility of initiatives including a potential 5-10% allocation of excess treasury funds to Solana, subject to internal risk evaluation [6] - DTCK is exploring the use of SOL as a utility asset for pilot projects involving tokenized ESG-certified agricultural trade and carbon-credit-linked settlements [6] Strategic Developments - The launch of a Solana-linked ETF with integrated staking strategies in the U.S. market in July 2025 marks a significant step toward mainstream adoption of Solana [4] - Several Asian financial institutions are considering Solana reserves as part of their broader digital asset strategies, indicating growing institutional interest [4] Executive Commentary - Ms. Li Peng Leck, Executive Chairwoman of Davis Commodities, emphasized the importance of exploring technologies that enhance transparency, speed, and traceability in cross-border commodity flows [5]

Core Insights - Davis Commodities Limited is exploring blockchain-enabled agri-tokenization solutions in response to U.S. legislative progress on stablecoin regulation, particularly following the Senate's passage of the GENIUS Act [1][2] - The GENIUS Act establishes a federal framework for payment stablecoins, which is expected to enhance the legitimacy of dollar-pegged tokens and regulated issuers [2] - The company is designing a pilot platform for blockchain-based settlement of ESG-certified agricultural commodities, starting with Bonsucro-certified sugar and ISCC-certified rice [3][4] Company Initiatives - The pilot initiative aims to enhance transparency and speed in global commodity flows, aligning with future regulations and increasing ESG impact across the supply chain [4] - Davis Commodities estimates that integrating ESG trade flows with regulated stablecoin settlement could unlock an additional $80–$100 million in deal flow within 18 months, improving working capital efficiency and risk mitigation [5] Technical Roadmap - Phase 1 is expected to target U.S. institutional buyers with ESG-certified sugar, while Phase 2 plans to expand to Southeast Asia and Europe via a proprietary agri-token platform [8] - The company is assessing collaboration with U.S.-regulated stablecoin issuers, including Paxos and Circle, to support its blockchain initiatives [8] Market Context - The initiative is positioned within a $500 billion ESG-driven market, reflecting the company's recent expansion into ESG products [3]

Policy & Trade - India is considering allowing the sale of more broken rice from state stockpiles on the open market [1] Industry Impact - The move could potentially boost exports [1] - Increased broken rice availability may increase ethanol output [1]

真核生物细胞的功能由特定的基因表达程序驱动，而这些程序又取决于染色质结构。在这项最新研究中， 研究团队报告了世界上最主要的农作物之一—— 水稻的单细胞多组学图谱 。 研究团队通过同时对来自水稻的八个主要器官 （ 根、茎、幼叶、旗叶、茎尖、分蘖芽、幼穗和种子 ） 的 116564 个细胞的染色质可及性和 RNA 表达进行分析，验证鉴定 出 5 4 个细胞类型，确定了细胞类型特 异性的基因调控网络，并描述了新的细胞状态，例如花分生组织中的"过渡状态"， 全面解析了水稻在组织 层面的功能细胞组成。 基于网络分析，该研究揭示了水稻发育过程中细胞类型特异性调控枢纽 RSR1、F3H 和 LTPL120 的功 能，RSR1 ：在根皮层中高度特异表达，其 突变体的根长显著增加、皮层细胞体积扩大，发挥负调控作 用；F3H ：连接碳代谢与氮代谢的枢纽基因，表达于叶肉和根维管， 突变体的根短缩、光合能力下降、总 氮含量降低，其在碳氮协同中作为关键角色；LTPL120 ：根皮层特异表达，其突变体表现出分蘖数增加、 株高变化，是株型优化的潜在基因靶点。 该研究还分析揭示了细胞类型与农艺性状之间的相关性，以及在进化过程中细胞类型功能的 ...

Shares of cereal maker WK Kellogg (KLG 30.66%) rose 34% this week as of noon E.T. Thursday, according to data provided by S&P Global Market Intelligence.One week after being added to a slew of Russell Value indexes, it turns out WK Kellogg was indeed a good value investment -- at least in the eyes of Ferrero.On Wednesday, the Italian chocolate and candy juggernaut announced plans to buy Kellogg for $23 per share, prompting this week's spike in price.The acquisition announcement comes just months after rumor ...

Core Insights - Byrna Technologies Inc. (NASDAQ: BYRN) has been a long-term investment for approximately 4½ years, indicating a commitment to the company despite market volatility [1] - The investment strategy combines fundamental analysis with momentum research, utilizing software to track market sentiment [1] - The focus is on identifying companies with a higher likelihood of surprising market expectations in the near term [1] Company Analysis - Byrna Technologies has experienced a rocky road over the years, suggesting challenges in its operational or market performance [1] - The investment approach aims to exploit discrepancies between market perceptions and actual outcomes, highlighting a strategic focus on potential undervaluation [1] Market Sentiment - The software developed by the analyst tracks levels of optimism and pessimism in stock prices, which is crucial for making informed investment decisions [1] - The strategy emphasizes the importance of understanding market sentiment to identify profitable investment opportunities [1]

Core Insights - The individual has retired after over 43 years in investment research, now operating independently to provide actionable investment insights [1] - The focus is on rules and factor-based equity investing strategies, emphasizing the use of numbers to inspire human intelligence-driven investment stories rather than solely relying on statistical studies [1] - The individual combines factor analysis with classic fundamental analysis to uncover the true story of companies and their stocks, highlighting the importance of future potential over past performance [1] Experience and Background - The individual has extensive experience covering a wide range of stocks, including large cap, small cap, micro cap, value, growth, and income [1] - Previous roles include managing a high-yield fixed-income fund and conducting research on quantitative asset allocation strategies, contributing to the development of Robo Advising [1] - The individual has authored two books on stock selection and analysis and has a passion for investor education, having conducted numerous seminars [1]

The area allocated to monsoon-sown rice crops has increased 7.4% from a year earlier to 6.93 million hectares (17 million acres) as of Friday, according to India’s agriculture ministry https://t.co/5nBffHCbne ...

本文来自微信公众号：返朴 （ID：fanpu2019），作者：嘉伟，题图来自：AI生成 人类对未来的探索和预言从未停止。从古老的占卜术，到文学作品中的奇思妙想，再到基于数据和模型的科学预测，我们总是试图窥探时间帷 幕后的景象。 本文为预言背后的各种方法给出一个简单的侧写，从日本漫画家的神秘预知梦，到经济周期的乐观假说，再到备受争议的末日公式，最终以计 算机模型对社会趋势的预测收尾，我们看到了人类探索未来的不同路径。这些探索虽然不尽然都基于严谨的科学方法，但它们共同展现了人类 对未知未来的好奇心和求知欲。 《我所看见的未来》？ 原本名不见经传的日本漫画家龙树谅（Tatsuki Ryo）最近几年名气暴涨。 她是一位活跃于上世纪90年代的漫画家，但当时并未有出名的人气作品。有一天她突然发现，电视上的很多新闻都有强烈的既视感——似乎早 已在梦中看到过。龙树谅怀疑自己拥有预知梦的能力，随后开始记录自己的梦境。在职业生涯末期，她把自己的梦境画成漫画出版，名为《我 所看见的未来》。 这本1999年出版的漫画在十多年里始终默默无闻，直到2011年3月11日东日本大地震后，有人意外在旧书店看到这本漫画集，封面赫然写 有"201 ...