Oil surged above $100 on the evacuation of ships from an Oman facility and a halt of operations at Iraqi terminals. (Source: Bloomberg)

格隆汇3月12日丨根据以色列第12频道，目前没有关于伊朗最高领袖穆杰塔巴·哈梅内伊状况的确凿消息。

供应方面，地缘冲突持续，霍尔木兹海峡仍处于封锁状态，原油供应担忧进一步发酵，并引发国内外炼厂、化工（850102）行业陆续遭遇不可抗力，减停产频发。加之目前亚洲PX装置陆续进入传统春检阶段，上周亚洲和国内PX负荷均下降。后续海内外仍有多套装置计划检修，PX开工将继续下滑。 需求方面，下游需求季节性回升，聚酯和终端织造开工逐步恢复中。 总之，地缘冲突仍在继续，霍尔木兹海峡封锁时间或超预期，引发市场对能源（850101）供应中断的担忧，化工（850102）行业减停产频发。下游开工逐步恢复中，PX供需边际改善，建议多单持有，关注原油价格走势、装置检修力度及下游开工恢复进度。(首创期货)

格隆汇3月12日｜天味食品(603317.SH)跌近5%，报12.13元创逾四个月新低，总市值129.1亿元。天味食品公告，2025年营业收入34.49亿元，同比下降0.79%；净利润5.7亿元，同比下降8.79%。公司拟以参与权益分派的总股本10.58亿股为基数，向全体股东每股派发现金红利0.55元(含税)，拟派发现金红利5.82亿元(含税)，现金分红总额5.98亿元，占本年度净利润的105.03%。(格隆汇)

格隆汇3月12日｜东兴证券研报指出，山东药玻2025年实现营业收入44.74亿元，同比下降8.78%；归属于母公司股东净利润为6.90亿元，同比下降26.87%。行业需求低迷影响公司各个产品，导致营业收入均同比下滑。产品结构优化和自动化等提升毛利率，静待需求恢复。医药行业需求虽然阶段性受到医保支付改革全面落地和集采的影响，但老龄化在中国是长期趋势，随着医保支付覆盖完成和集采的进一步推进，医药长期需求将逐步得到恢复。考虑到公司产品优化、技术创新、自动化推进，以及实控人变更后带来协同发展，维持公司“强烈推荐”评级。

外卖食品安全始终是社会关注焦点。近日，美团大模型“星眸”全面升级，应用范围从主要聚焦后厨识别，扩展到商家入驻审核、门店真实性核验、后厨环境预警等多个环节。一个覆盖全流程的智能、主动的食安治理体系正加速建成。

Apple's (AAPL 0.01%) business has been in a bit of a lull over the past few years. There were questions surrounding its AI strategy (there still are), and its ability to sell more products. Its revenues have ranged from mid-single-digit percentage growth to actual contraction, and investors started to question whether it had lost its status as a market leader. Over the past few months, though, Apple's stock has rallied, causing it to potentially regain market-leading status. But will this upswing persist? Apple's lack of AI spending is attractive to some investors Apple's business is fairly easy to comprehend. It sells consumer tech that's simple to use. That simplicity has helped make it the most popular tech brand in the U.S., and it has created a loyal user base. However, that loyalty has come into question over recent years as its competitors have launched several AI features for their smartphones that the iPhone doesn't have. While this hasn't led to a mass exodus from Apple's ecosystem yet, there could come a day when a game-changing feature is debuted that causes that to occur. Expand NASDAQ : AAPL Apple Today's Change ( -0.01 %) $ -0.02 Current Price $ 260.81 Key Data Points Market Cap $3.8T Day's Range $ 259.55 - $ 262.13 52wk Range $ 169.21 - $ 288.62 Volume 26M Avg Vol 48M Gross Margin 47.33 % Dividend Yield 0.40 % However, Apple's far lower AI-related spending is actually what may make it an attractive option in this market. The AI sector's momentum flagged in August 2025, and it's still facing headwinds. Nvidia (NVDA +0.64%), the most popular AI stock, has gained a mere 5.5% since then, while Apple is up almost 30%. This shows that investors may be looking for safe-haven investments that are less exposed to AI-related spending -- and Apple's capital expenditures have stayed low while those of its big tech peers have exploded. Some investors today feel far more comfortable investing in a known business like Apple than they do investing in some of the hyp...

RESULTATS ANNUELS 2025 Objectifs d’EBITDA et de capacité atteints Avec SPRING : activités recentrées, organisation allégée et réduction du nombre de pays Résultats annuels 2025 Chiffre d’affaires : +16% à taux de change constants à 588 millions d’euros, notamment porté par la croissance des Services pour clients tiers (+70%) EBITDA : 211,3 1 millions d’euros en ligne avec l’objectif annoncé en septembre 2 (entre 200 et 220 millions d’euros), stable à taux de change constants par rapport à 2024, intégrant les impacts de l’écrêtement au Brésil millions d’euros en ligne avec l’objectif annoncé en septembre (entre 200 et 220 millions d’euros), stable à taux de change constants par rapport à 2024, intégrant les impacts de l’écrêtement au Brésil Perte nette (part du groupe) : à -128,1 millions d’euros sous l’effet de la part exceptionnelle liée au plan de transformation SPRING (-103 millions d’euros) composée de (i) l’abandon des projets non rentables du pipeline, (ii) les impacts du recentrage géographique ainsi que sur les activités principales de Voltalia, et (iii) des coûts de transformation et de restructuration liés au plan SPRING, et d’autre part, sous l’effet de l’écrêtement (-36 millions d’euros). Hors éléments exceptionnels, le résultat net aurait été de -25 millions d’euros, dont +15 millions d’euros au second semestre Atteinte de l’objectif de capacité 2025 Atteinte de l’objectif de capacité en exploitation et en construction : 3,6 gigawatts (+9%) dont 2,9 gigawatts en exploitation (+16%), notamment grâce aux mises en services (+408 mégawatts) et aux lancements de nouveaux chantiers (+305 mégawatts) Production d’énergie : 4,9 térawattheures en progression de 4% malgré les impacts de l’écrêtement au Brésil, un peu en dessous de l’objectif de 5,2 térawattheures. A noter que comme annoncé3, la loi n°15 269, votée au Brésil en novembre, prévoit le remboursement3 relatif aux écrêtements de fiabilité du réseau soit pour Voltalia une estimation de plus de 20 millions...

2025 full year results EBITDA and capacity targets achieved With SPRING: activities refocused, leaner organization and reduction in the number of countries 2025 full year results Turnover: +16% at constant exchange rates to 588 million euros, driven in particular by growth in third-party Services (+70%) EBITDA: 211.3 1 million euros in line with the target announced in September 2 (between 200 and 220 million euros), stable at constant exchange rates compared to 2024, including the impacts of curtailment in Brazil million euros in line with the target announced in September (between 200 and 220 million euros), stable at constant exchange rates compared to 2024, including the impacts of curtailment in Brazil Net loss (group share): at -128.1 million euros due to the exceptional effects related to the SPRING transformation plan (-103 million euros) composed of (i) the write-off of unprofitable projects from the pipeline, (ii) the impact of the geographical refocusing as well as on Voltalia's core activities, and (iii) the transformation and restructuring costs related to the SPRING plan, and under the effect of curtailment (-36 million euros). Excluding exceptional items, net result would have been -25 million euros, including +15 million euros in the second half of the year Achieving the 2025 capacity target Achievement of the capacity target in operation and under construction: 3.6 gigawatts (+9%), including 2.9 gigawatts in operation (+16%), thanks in particular to commissioning (+408 megawatts) and the launch of new construction sites (+305 megawatts) Energy production: 4.9 terawatt hours, up +4% despite the impact of curtailment in Brazil, slightly below the target of 5.2 terawatt hours. It should be noted that as announced3, Law No. 15,269, passed in Brazil in November, provides for the reimbursement3 of network reliability curtailment, i.e. for Voltalia an estimate of more than 20 million euros SPRING: a transformation initiated in 2025 with an acceleration pla...

Key Points Apple is notoriously not spending a ton on building AI infrastructure, in contrast to its peers. Apple is seen as an alternative investment in tech for those who are skeptical of the massive AI spending that's going on. 10 stocks we like better than Apple › Apple's (NASDAQ: AAPL) business has been in a bit of a lull over the past few years. There were questions surrounding its AI strategy (there still are), and its ability to sell more products. Its revenues have ranged from mid-single-digit percentage growth to actual contraction, and investors started to question whether it had lost its status as a market leader. Over the past few months, though, Apple's stock has rallied, causing it to potentially regain market-leading status. But will this upswing persist? Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Apple's lack of AI spending is attractive to some investors Apple's business is fairly easy to comprehend. It sells consumer tech that's simple to use. That simplicity has helped make it the most popular tech brand in the U.S., and it has created a loyal user base. However, that loyalty has come into question over recent years as its competitors have launched several AI features for their smartphones that the iPhone doesn't have. While this hasn't led to a mass exodus from Apple's ecosystem yet, there could come a day when a game-changing feature is debuted that causes that to occur. However, Apple's far lower AI-related spending is actually what may make it an attractive option in this market. The AI sector's momentum flagged in August 2025, and it's still facing headwinds. Nvidia (NASDAQ: NVDA), the most popular AI stock, has gained a mere 5.5% since then, while Apple is up almost 30%. This shows that investors may be looking for safe-haven investments that are less exposed to AI-r...

Turkey’s cycle of interest-rate cuts will likely end on Thursday as a war-driven spike in global energy prices threatens to reignite the country’s inflation woes. All but one of the 17 analysts surveyed by Bloomberg expects the central bank to hold the one-week repo rate at 37% after five consecutive cuts dating back to July. Turkey imports a majority of its oil and gas, meaning global energy prices directly impact domestic costs. With prices skyrocketing as a result of the Iran war, policymakers should pause their lowering of borrowing costs, analysts say — especially with the country’s annual inflation rate of 31% still among the highest in the world. Turkish lenders sold more than $12 billion in the days after the war broke out on Feb. 28 to support the lira, Bloomberg reported earlier. Outflows from Turkish money-market funds also reached $7 billion, though some of that money has since begun to return. TURKEY INSIGHT: Iran War Drains $23 Billion from Net Reserves At the same time, the central bank tightened monetary conditions. It shifted funding provided to commercial banks away from the policy rate of 37% to the costlier overnight-lending rate of 40%, effectively delivering a rate hike. It also issued liquidity bills and held deposit-buying auctions. The finance ministry, for its part, announced a tax mechanism to shield consumers from rising global crude prices reverberating at the pump. Turkey Spends $12 Billion to Defend Lira From War-Fueled Turmoil Turkey Defends Lira as Iran War Puts Markets Under Pressure Turkey Inflation, Iran War Risks Set to Pause Rate Cut Cycle Oil prices rose to almost $120 earlier this week. Brent crude was around $100 per barrel on Thursday morning, and analysts warn that further volatility is possible. What Bloomberg Economics Says... “Turkey’s central bank looks set to hold rates at 37% in March, with the effective stance at a tighter 40%. We expect easing to resume later in the year — albeit at a slower pace than previously ass...

格隆汇3月12日丨迪拜主要股指早盘下跌1.1%。

騰訊控股(00700)出現大手買入1.09萬股，成交價$546.5，涉資595.685萬 AASTOCKS.com

美團－Ｗ(03690)出現大手賣出11.6萬股，成交價$76.4，涉資886.24萬 AASTOCKS.com

台灣花蓮近海晚上發生5.7級地震 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】台灣花蓮近海晚上發生5.7級地震，全台多地有震感。 地震發生於晚上8時14分，震央位於花蓮縣政府以南約24.7公里的海域，震源深度15.1公里，屬極淺層地震，花蓮和南投等地錄得最大震度均達4級。受地震影響，台北捷運一度減速停駛，暫時未有傷亡報告。

在人民大会堂中央大厅北侧举行十四届全国人大四次会议第三场“代表通道”集中采访活动，邀请部分全国人大代表接受采访 【财新网】 2026年3月12日14：00-14：40（闭幕会前），在人民大会堂中央大厅北侧举行十四届全国人大四次会议第三场“代表通道”集中采访活动，邀请部分全国人大代表接受采访。

"We hope that no-one in the European Union will block the €90bn (£78bn) [of EU aid, currently vetoed by Hungary]. Otherwise we will give that person's address to our armed forces so they can call on him and speak to him in their own language," Zelensky said. He did not name Orbán.

The killing of a reported 168 people, primarily schoolgirls, in the bombing of the Shajareh Tayyebeh school in Minab in Iran has shaken to its very core the conscience of the world. The attack, carried out nearly two weeks ago when classes were under way, reduced the school building to rubble. Parents who had sent their daughters to school discovered minutes later that classrooms had become mass graves. One mother, whose daughter Zeinab had memorised the Quran and was due to compete in a national recitation contest, wept as she said: “My dream died with her.” A UN human rights panel has already demanded that the killings must be “Urgently, independently and effectively investigated, with accountability for any violations”. Which country is responsible for the massacre has been disputed. Over the weekend Donald Trump disclaimed any culpability on the part of the US. “We think it was done by Iran, because they’re very inaccurate with their munitions” he said on Air Force One. But on Monday, a BBC investigation produced evidence of multiple US Tomahawk missiles fired and landing in the vicinity of the school, hitting, they believe, the school itself, as well as a medical clinic reportedly belonging to the Islamic Revolutionary Guard Corps (IRGC). The BBC found no evidence of a separate Iranian-fired missile landing at the site. Despite this, Trump doubled down, saying: “Numerous other nations have Tomahawks. They buy them from us.” But according to provisional and as yet unofficial reports on Wednesday, US Central Command may have created target coordinates for the strike from outdated information. On whoever the blame finally lies, the school massacre is no isolated event. Reportedly, on the same day, the bombing of another school, the Hedayat high school in the Narmak district in Tehran, left two students dead. No child should ever become collateral damage in a conflict. Yet we know that more than 200 children have been killed by Iranian security forces in their rece...

Families who received notices asking them to agree to return to their home countries are begging the Home Office to give them more time to make a decision that will significantly affect their children’s futures. The Home Office has targeted 150 families whose asylum claims were refused and given them just seven days to make the decision, which would uproot their children from schools and adopted communities. Those who refuse to leave voluntarily may be forcibly removed in handcuffs, including children. The Home Office announced the new pilot scheme a week ago, asking the families to opt for expedited voluntary return to their home countries with the sweetener of “go home” payments of up to £10,000 per family member, up to a total of £40,000. Families who have received emails from the Home Office said they pressure them to leave the UK quickly. They are distraught at the prospect of them and their children being rushed out of the UK back to their home countries where they believe their lives are still at risk. A father of a teenage girl studying for GCSEs said: “My wife is totally shocked, under a blur of grief, sobbing at the idea of leaving this country that has been our home for the last few years. My daughter has to leave behind all her dreams of graduating from school and passing GCSEs with flying colours. “We are completely devastated, tremendously scared, as if an atomic bomb has exploded around us; our small world has crumbled at our feet. Hope is no longer a chance for us.” Another parent of a teenage boy said she was terrified about what would happen to her and her son if they had to go back to their home country. “Both my son and I are on medication for depression and anxiety. We need help to stay in the UK. There is no safe place for us in our home country. If we do not accept voluntary return we will be forced out. I need more time to think about what is the safest thing for us to do next. I want to ask the Home Office to delay the seven-day deadline for...

There comes a time in life when you have to consider whether you are the enticing wriggly worm of knowledge or the carp of ignorance, blissfully unaware that you are about to get hoiked out of the lake. And that time is on Thursdays, when 15 questions on topical headlines, pop culture and general knowledge await you. As ever, we do not give prizes, but we always like to hear how you got on in the comments. Allons-y! The Thursday news quiz, No 238 1. Which train station in Scotland had to be closed for a couple of days after a huge fire nearby? Glasgow Queen Street Glasgow Central Exhibition Centre Station Edinburgh Waverley Reveal 2. Balendra Shah looks set to be Nepal's new PM after his party’s landslide election win. What did he do before he went into politics? Professional tennis player TV presenter Rapper Basketball player Reveal 3. Nigel Farage has invested in a cryptocurrency firm chaired by which former Conservative chancellor? Kwasi Kwarteng Nadhim Zahawi Sajid Javid George Osborne Reveal 4. Nymphalis polychloros (not pictured) – an elusive and enigmatic butterfly that became extinct in Britain in the last century – is a UK resident species once again. What is it better known as? Large Tortoiseshell Blue Jenny Speckled Wood Grizzled Skipper Reveal 5. Which bank has got into hot water over the use of personal data after customers were offended by its 'Spotify Wrapped' style summary of their spending habits? Revolut Bunq Monzo First Direct Reveal 6. A Sydney fashion designer has won her epic trademark dispute with a US pop star after a legal battle lasting almost 17 years over the name they share? Kelly Clarkson Christina Aguilera Britney Spears Katy Perry Reveal 7. A clumber spaniel (pictured) has won the best in show prize at Crufts. What is his name? Merlin Archer Bruin Derek Reveal 8. This week's feline interloper is once again the random cat that keeps stalking the Thursday quiz and following it home. They want to know who has purchased the Telegraph afte...

Gordon Brown has called for the creation of an international criminal court for crimes against children, saying “no child should ever become collateral damage in a conflict”. Writing for the Guardian, the former prime minister drew on the tomahawk missile strike on the Shajareh Tayyebeh school at the start of the Iran conflict, which killed 168 schoolgirls, to argue that “schools deserve the same moral status as hospitals – protected places – and the same protection under international law”. “Schools, which should be safe havens, are increasingly being drawn into war, with pupils and teachers easy targets who cannot fight back,” said Brown, the UN’s special envoy for global education. International law, including the founding statute of the ICC, has long prohibited assaults on children or schools in war. But in a world where modern warfare increasingly takes place in built-up civilian areas, he argues, classrooms can be as dangerous as the frontline. Brown notes that Donald Trump has denied culpability and blamed Iran for the Minab school bombing but analysis has indicated that this is not true. “On whoever the blame finally lies,” Brown says, “the school massacre is no isolated event.” Two excuses are normally used by perpetrators of attacks on schools: that they were not intentional, or that the schools in question were being used as military bases. This has allowed them to “claim a defence that is still recognised in international law”, he says. View image in fullscreen Gordon Brown, the UN’s special envoy for global education, argues those who attack a school are ‘failing to act on their legal responsibility to avoid all known risks to children’. Photograph: Isabel Infantes/Alamy But, he continues, “on any plausible interpretation of humanitarian law, those who attack a school are manifestly failing to act on their legal responsibility to avoid all known risks to children and to shelter and protect them as innocent civilians”. To emphasise the seriousness of the...

Irish artists, British indie legends and US stars such as Tom Waits also contribute, with Springsteen writing essay about the ‘bottomless humanity’ of the late Pogues frontman Bruce Springsteen has written an essay celebrating the “flashing, alive and historically rich” songwriting of the late Pogues frontman Shane MacGowan , as an all-star covers album is announced featuring Springsteen, Kate Moss, Johnny Depp and others. Springsteen’s cover of A Rainy Night in Soho is out now, the first song to be released from 20th Century Paddy: The Songs of Shane MacGowan, which is out 13 November. Many, unsurprisingly, led difficult lives not easily bound by the shackles of convention. They were natural rebels unable to stifle or heed the impulses that led them to their glory and personal hardships. Great art is by nature lawless. We do not get to choose our obsessions. We do not get to dictate our blessings or our transgressions. It’s a little joke the gods play on us. Shane’s voice was so deeply real, profane and honest, his writing so flashing, alive and historically rich its genesis appeared as a mystery to all including, I believe, its creator. The dangerous joy, the glee and courage, the humour in the face of fate, the wild ramble of a life driven towards the artistic heavens and the daily balm of self-obliteration. Shane was all naked bottomless humanity. Threatening to force us to ask ourselves if we were living deeply, authentically. He was raw, hilarious, no apologies and profound. His soul was filled with the transgressive and ecstatic properties of the saints. I don’t know who’ll be listening to my music in 100 years but I know they’ll be listening to Shane’s. Continue reading...

The rapid expansion of AI-powered mass-surveillance systems across Africa is violating citizens’ right to privacy and having a chilling effect on society, according to experts on human rights and emerging technologies. At least $2bn (£1.5bn) has been spent by 11 African governments on Chinese-built surveillance technology that recognises faces and monitors movements, according to a new report by the Institute of Development Studies, which warns that national security is being used to justify implementing these systems with little regulation. Chinese companies often sell the technology in packages that include CCTV systems, facial recognition, biometric data collection and cameras that track vehicle movements and are presented as a tool to help rapidly urbanising countries modernise their cities and reduce crime. But researchers from the African Digital Rights Network, who co-authored the report, said there was no real evidence of these systems reducing crime and warned that they allow governments to monitor human rights activists and political opponents, arrest protesters and lead journalists to self-censor. Wairagala Wakabi, executive director of the Kampala-based policy body Cipesa and co-author of the report, said: “This large-scale and invasive AI-enabled surveillance of public spaces is not ‘legal, necessary or proportionate’ to the legitimate aim of providing security. History shows us that this is the latest tool used by governments to invade the privacy of citizens and stifle freedom of movement and expression.” Nigeria has spent the most on infrastructure, investing $470m on 10,000 smart cameras by last year. Egypt has installed 6,000, while Algeria and Uganda have about 5,000 each. An average of $240m was spent by the 11 countries with the investment often funded by loans from Chinese banks. View image in fullscreen An advanced AI-powered surveillance system in Lagos state, Nigeria. The country has invested $470m on 10,000 smart cameras. Photograph: Lagos ...

Men whose abusive behaviour drives women to take their own lives are more likely to get away with their crimes because of proposed law changes, justice campaigners say. Ministers want to make it harder for inquests to pass verdicts of unlawful killing, which have been crucial in getting justice for women who committed suicide after suffering abuse. In October last year, Georgia Barter was found to have been unlawfully killed after suffering a decade of domestic violence and abuse. In 2023, an inquest found that Kellie Sutton, whose death was classed originally as a suicide, was unlawfully killed after suffering domestic abuse. The unlawful killing verdicts followed campaigns by the families of the women. Harriet Wistrich, the head of the Centre for Women’s Justice, said: “We strongly oppose any reversal of the standard of proof for unlawful killing in inquest verdicts, which would set back the cause of highlighting the issue of recognising the role that domestic abuse plays in relation to the suicides of many women. “The government’s white paper on policing contains some positive proposed reforms but is badly let down by this concession to the police lobby.” The plans are part of a package of measures that the government wants to pass to ease the fears of police officers that they will be prosecuted after using force. But justice groups say they will also have a damaging effect on women. The changes to make it harder to take action against police follow a Metropolitan police firearms officer, Martyn Blake, being put on trial for murder after shooting dead Chris Kaba, who was unarmed, while he was in a car penned in by police vehicles. Blake was acquitted in 2024, though if the verdict had been different police chiefs and ministers feared armed officers would walk out in protest, endangering the safety of the capital. The new measures, Wistrich said, would also help officers who were a threat to women stay in their police jobs. “At a time when the government have exp...

Make use of every inch of parmesan or other grana-type cheeses with this most simple and lovely of risottos Parmigiano reggiano, grana padano, lodigiano, trentingrana and the other members of the grana-type cheese family (there are many, and all are worth seeking out) are far from cheap. Which is why it is important to use every last bit, including the rind with the last few millimetres of cheese still attached. That functions as a sort of highly flavoured and fatty stock cube that can be added to soups and stews. The best place to keep your precious rinds is in a plastic bag or airtight container in the freezer, which also preserves flavour and stops them drying out, until they’re pulled out and added directly to whatever needs a boost, or to make one of the nicest, most delicately flavoured and cheesy broths, which in turn makes a lovely risotto. I have written about risotto many times here, with each version a new favourite, and providing lessons in a dish that, regardless of how much I learn and practise, I am always chasing: the right proportions of rice to broth, as well as a pleasing consistency and texture. I know I am not alone in this, and was reassured by a friend from Bergamo, in Lombardy, who told me that, despite having made thousands of risotti , he feels much the same, that every pan is an adventure and personal challenge, and that he wouldn’t have it any other way. This is his recipe, which he describes as the simplest of risotti and a layered celebration of grana cheese. Continue reading...

China has pledged to raise grain output to record levels over the next five years, as part of efforts to guarantee food security for its vast population amid geopolitical shocks and supply-chain uncertainties. Under the nation’s 15th five-year plan unveiled during the “two sessions” parliamentary meetings, Beijing set a target to raise annual grain production capacity to 725 million tonnes by 2030, driven by wider use of high-end agricultural machinery and advanced breeding technologies. As in previous planning cycles, grain output remained one of eight “binding targets” in the new blueprint – a mandatory objective as China continues to emphasise food security for its 1.4 billion people. Advertisement The previous five-year plan set grain production capacity at a minimum of 650 million tonnes, but actual output surpassed 700 million tonnes for the first time in 2024. China, the world’s largest food producer and consumer, traditionally relied on smallholder farming. But agricultural technology and equipment “improved significantly” over the past five years, Minister of Agriculture and Rural Affairs Han Jun said in a group interview on Monday. Advertisement “The intelligent and digital transformation of agriculture is now accelerating, with various smart equipment playing a significant role in agricultural production,” he said.