证券日报网讯 2月26日，秋乐种业发布公告称，公司2025年实现营业收入331650994.88元，同比下降 15.22%；归属于上市公司股东的净利润为12549489.11元，同比下降75.12%。 （文章来源：证券日报） ...

2026年2月12日，秋乐种业公告国有股东所持股份完成过户登记：温县农业科学研究所将32.4万股（占 总股本0.1961%）无偿划转至温县农业投资有限公司。该事项已于2月11日完成过户，不导致公司控制 权变更，对经营无直接影响。 以上内容基于公开资料整理，不构成投资建议。 近期事件 经济观察网 近7天，秋乐种业（920087）股价呈现下行趋势，区间累计跌幅4.73%。2月13日收盘报 16.93元，单日微涨0.30%，但振幅达2.25%，成交额6586.61万元，换手率2.37%。资金流向方面，2月12 日主力资金净流出375.66万元，占总成交额4.33%，游资净流出365.3万元，散户净流入68.09万元，反映 短期资金承压。同期农业种植板块下跌0.96%，大盘指数疲软，外部环境拖累个股表现。 ...

农业、种业股盘初走高，秋乐种业涨超10%，神农种业涨超8%，康农种业、农发种业、隆平高科纷纷 上扬。 ...

证券日报网讯 1月14日，秋乐种业发布公告称，公司第五届董事会第五次会议审议通过《关于承 接"2025年粮食产销区省际横向利益补偿机制（种业）项目"的议案》《关于意向品种引进的议案》等多 项议案。 （文章来源：证券日报） ...

Group 1 - The seed industry sector experienced a short-term surge, with TianKang Biological rising over 7% [1] - Other companies such as QiuLe Seed Industry, Dunhuang Seed Industry, DaBeiNong, and Stanley also saw increases in their stock prices [1]

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The livestock prices have stabilized after a decline, and the export volume of pet food has shown year-on-year growth [1]. - The industry is currently trading at a price-to-earnings (P/E) ratio and price-to-book (P/B) ratio below historical averages, indicating potential for valuation recovery [7]. Summary by Sections Market Review - In November 2025, the agriculture, forestry, animal husbandry, and fishery index increased by 1.15%, outperforming the CSI 300 index, which fell by 2.46%, resulting in a relative outperformance of 3.61 percentage points [7][10]. - The sub-industry performance showed that the forestry processing sector had the highest gains, while the pet food sector experienced declines [10]. Livestock Industry Data Tracking - **Swine Farming**: In November 2025, the average price of external three-yuan pigs was 11.59 yuan/kg, a month-on-month increase of 0.61%, but a year-on-year decrease of 30.13% [19]. - **Broiler Chickens**: The average price of white feather broiler chickens was 3.48 yuan/jin, with a month-on-month increase of 2.65% and a year-on-year decrease of 7.69% [26]. Pet Food - In November 2025, China's pet food export volume reached 33,400 tons, a year-on-year increase of 11.23%, while the export value was 11.8 million USD, a year-on-year decrease of 3.59% [34]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods (牧原股份), Pulaike (普莱柯), and Guobao Pet (乖宝宠物), all rated as "Buy" [1].

Group 1 - The company, Qiule Agricultural, announced the approval of a proposal to use part of its idle raised funds for cash management, with a maximum amount of RMB 120 million [2] - The company plans to invest a total of RMB 30 million from the idle funds into bank products, which can be used in a rolling manner within the approved limit [2]

Core Viewpoint - Agricultural stocks experienced a significant rally on the 21st, with notable performances in the seed and aquaculture sectors, indicating a potential turning point in the industry by 2026 [1] Group 1: Agricultural Sector Performance - Stocks such as QuanYin High-Tech and QiuLe Seed Industry reached a 20% and over 10% increase respectively, while ZhongShui Fishery achieved a six-day consecutive limit-up [1] - The industry is expected to focus on capturing turning points and tracking core fundamental indicators in 2026, with an emphasis on finding entry points within a relatively reasonable valuation range [1] Group 2: Livestock and Pet Sectors - The livestock sector is expected to balance offense and defense strategies, with a shift from a defensive focus in 2025 to a greater emphasis on potential future flexibility in 2026 [1] - The pet sector is undergoing a valuation correction, with expectations for a recovery in performance growth, suggesting that investment opportunities will re-emerge [1] Group 3: Seed Industry Insights - According to KaiYuan Securities, the seed industry is expected to trend towards larger varieties under policy guidance, with an improving competitive landscape for leading seed companies [1] - The research and development of genetically modified seeds presents high technical barriers, giving leading companies a competitive edge as the promotion and expansion of these seeds accelerate, potentially intensifying the industry’s Matthew effect [1]

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Views - The report highlights a continued decline in pig prices and strong performance in pet food sales during the "Double Eleven" shopping festival [1]. - The industry is currently trading at lower price-to-earnings (P/E) and price-to-book (P/B) ratios compared to historical averages, indicating potential for valuation recovery [1]. Summary by Sections Market Review - In October 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 0.19%, outperforming the CSI 300 index, which had a return of approximately 0% [8][11]. - The pet food sector experienced a decline, while the wood processing sector showed strong gains [11]. Livestock Farming Data Tracking - Pig prices continued to decline in October 2025, with an average price of 11.52 yuan/kg, down 11.46% month-on-month and 34.77% year-on-year [16]. - The average price for white feather broilers was 3.38 yuan/jin, showing a slight decrease of 0.29% month-on-month and 7.65% year-on-year [26]. Pet Food Sales Performance - During the "Double Eleven" period in 2025, total sales of pet food reached 9.4 billion yuan, a year-on-year increase of 59.3% [35]. - Pet food exports in September 2025 totaled 30,500 tons, up 18.78% year-on-year, while the cumulative export amount from January to September was 1.057 billion USD, down 3.73% year-on-year [32][35]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulaike, QiuLe Seed Industry, GuaiBao Pet, ZhongChong Co., and Petty Co., all rated as "Buy" [1].

Market Overview - The planting industry sector declined by 0.69% on October 15, with Qiu Le Seed Industry leading the drop [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Notable gainers in the planting sector included: - Honglian Zhaoshu (603336) with a closing price of 9.85, up 5.80% and a trading volume of 332,000 shares, totaling 320 million yuan [1] - Xue Rong Biological (300511) closed at 6.96, up 5.78% with a trading volume of 407,600 shares, totaling 277 million yuan [1] - Major decliners included: - Qiu Le Seed Industry (920087) closed at 17.04, down 5.86% with a trading volume of 121,000 shares, totaling 208 million yuan [2] - Kang Nong Seed Industry (920403) closed at 25.02, down 4.21% with a trading volume of 42,300 shares, totaling 106 million yuan [2] Capital Flow - The planting industry sector saw a net inflow of 2.79 million yuan from institutional investors, while retail investors experienced a net inflow of 1.63 million yuan [2] - The overall capital flow indicated that retail investors were more active compared to institutional investors, with a net outflow of 4.42 million yuan from speculative funds [2] Individual Stock Capital Flow - Key stocks with significant capital flow included: - Xue Rong Biological (300511) had a net outflow of 44.21 million yuan from institutional investors, while retail investors had a net outflow of 35.59 million yuan [3] - Qiu Le Seed Industry (920087) experienced a net outflow of 20.8 million yuan from institutional investors [3] - Other stocks like Jing Yin Gao Ke (300087) saw a net inflow of 21.62 million yuan from institutional investors [3]